Modernize NAFTA While Preserving What’s Already Working

NAFTA was written at a time when people still watched movies on VCRs, made calls from payphones, and played cassette tapes in their cars. We must modernize the agreement in a way that best serves Americans.

The American Insurance Association’s Steve Simchak, director of international affairs, issued the following statement after testifying today before the U.S. Trade Policy Staff Committee on the need to modernize The North American Free Trade Agreement (NAFTA):

“NAFTA was written at a time when people still watched movies on VCRs, made calls from payphones, and played cassette tapes in their cars. We must modernize the agreement in a way that best serves Americans, but our hope is that President Trump and his team will work hard to maintain the parts of the agreement, like the benefits that insurers enjoy, that are working.”

BACKGROUND:

NAFTA has been significantly beneficial for U.S. insurers. In addition to guaranteeing fairer treatment of our industry in Mexico and Canada, the agreement led to economic growth in all three countries. As a result, millions of people have the opportunity and need to protect their families and growing wealth through products that U.S. insurers offer.

Since it came into force in 1994, there are areas of the agreement that can be improved to reflect changes that have occurred in the industry.

Specific improvements that can be made include:

Protect insurers’ ability to store and process data in the location of their choice; Expand cross-border commitments so U.S. insurers can better serve international customers; and strengthen commitments to prevent government interference in the composition of senior management teams and boards of directors.

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