Businesses should have a plan in place if U.S. pulls out of NAFTA
The Vice-President of World Trade Centre Winnipeg says local companies should have a plan in place in case the U.S. Government pulls out of North American Free Trade Agreement (NAFTA)
The White House has confirmed that the United States is considering pulling out of NAFTA.
Derek Earl believes such a move would have an impact on Manitoba.
“Approximately 80 per cent of our exports do go to the United States,” he said. “It could stand to affect a lot of industries, but I think there is still a ways to go yet before something like that like that becomes a reality.”
He said although nothing has been confirmed, local firms should take the reports seriously and look at other options for exporting.
“For example – have they maximized on their domestic business. There’s a new internal free trade agreement within Canada with some opportunities, free trade agreements with other markets such as Europe for example,” Earl said.
U.S. President Donald Trump was vocally critical of the trade agreement throughout his presidential campaign and since coming to office in January has often pledged to renegotiate the seminal trade agreement altogether.