United States-Mexico-Canada Trade Agreement

Floor Speech

BREAK IN TRANSCRIPT

Mr. CORNYN. Mr. President, finally there is some good news here in Washington that we will actually get some important things done, and, particularly, I am talking about the USMCA, or the United States- Mexico-Canada Trade Agreement. I am hopeful that we can get that voted out of the Senate by tomorrow and get it onto the President's desk. This is a top priority for my constituents, who are farmers, ranchers, and manufacturers, as well as consumers, whose daily lives are impacted by trade with our neighbors to the north and south. We will soon be able to mark it as yet another win for Texas under this administration.

For more than a quarter of a century, NAFTA, or the North American Free Trade Agreement, the predecessor to the USMCA, has been the guiding force in our trading relationships with Mexico and Canada. By virtually any measure, it has been a great success. The U.S. Chamber of Commerce estimates that 13 million American jobs have been created and are dependent on trade with Mexico and Canada. That is a big deal.

A lot has changed over the last 25 years. In fact, then, the internet was in its infancy, smartphones didn't exist, and the only shopping you did was at a brick-and-mortar store. The way business is conducted today has evolved significantly. It is time we bring our trade agreements up to date.

That is where the USMCA comes in. It preserves the basic hallmark provisions of NAFTA, like duty-free access to Mexican and Canadian markets, and it adds measures to modernize the agreement. Additionally, the USMCA includes strong protections for intellectual property, which is critical to protecting the incredible innovation that Americans create right here at home. It also cuts the redtape that has been preventing countless small businesses from tapping into foreign markets.

It also accounts for e-commerce and digital products at a time when governments around the world are proposing all kinds of new taxes on e- commerce. It is actually the first free-trade agreement with a digital trade chapter. That is why a lot of folks call the USMCA ``NAFTA-2.0.'' It is better, it is stronger, and it is up to date.

I have no doubt that this agreement will be a boon to both our national and Texas economies, but I do have some concerns about the path it has taken to ratification. This product was essentially negotiated with the House and given to the Senate as a fait accompli, and I worry that that can set a dangerous precedent for future trade agreements. I hope that is not something we will allow to become a habit, but it doesn't diminish the fact that this trade agreement will bring serious benefits to my constituents and my State and continue to strengthen our national economy.

I appreciate the President's commitment to strengthening our trading agreements with our neighbors and bolstering a stronger North America. The USMCA is a big win for all three countries involved, and it is a big win for the State of Texas.

BREAK IN TRANSCRIPT

Source