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The advancements of the NAFTA

Trade is a major part of the economy. For those Texas businesses with international dealings, the NAFTA is an important piece of legislation.

As times change, so do business dealings and practices. As such, there are certain advancements on the horizon for the NAFTA.

NAFTA

Since 1994, the North American Free Trade Agreement has enhanced trade between the United States, Mexico and Canada. This trilateral trade block has helped to make trade easier between the three countries, which has benefited them all. In fact, the trade activities between certain areas, including Texas and Mexico, have grown tremendously. However, some minority trading groups have experienced adverse effects, which has contributed to talks of changes.

NAFTA 2.0

Over the last few years, lawmakers have been considering ways to enhance the NAFTA. They call it NAFTA 2.0 and claim the purpose is to encourage technological innovations and enhance the safety and fluidity of the distribution of trade items. Parties expect these advances to create greater opportunities for many trade businesses.

Texas-Mexico trade coalition

To help make sure the changes in the NAFTA will not pose any derogatory effects on Texas trade activities with Mexico, its number one business partner, Texas business owners, the Chamber of Commerce and the Mexican government created the Texas-Mexico Trade Coalition. The group states its main purpose is to ensure that the new NAFTA will still serve the purpose of all business owners. Other states have taken note and are looking to form organizations of their own.

Advancement

Though business advancement is inevitable, it is critical that the advancements are beneficial to all parties involved, especially for those that have such a far reach as the NAFTA. Considering this, parties can expect the new NAFTA 2.0 to take a while to reach completion.

This is a brief overview of the advancements with the NAFTA. Texas business owners may benefit from researching the new legislation and reviewing the work of the coalition.

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