The Pennsylvania Chamber of Business and Industry recently joined the Ontario Chamber of Commerce to call for the renewal of the North American Free Trade Agreement (NAFTA) to strengthen cross-border trade.
“There is no upside to an economic trade war, which threatens to undo all of the positive economic gains Pennsylvania has seen as a result of federal tax and regulatory reforms,” PA Chamber President Gene Barr said. “The Commonwealth’s trade relationship with Canada is a critical component in advancing the state’s overall economy. In fact, in 2017, Pennsylvania ranked in the top ten states providing imports to Ontario. We are proud to stand with our counterparts in Ontario to encourage the renewal and modernization of NAFTA.”
The PA Chamber noted that Canada is the Commonwealth’s most significant trade partner. Data from the U.S. Chamber indicates that an emerging trade war would threaten $1.2 billion in Pennsylvania exports to Canada. Global trade supports more than 1 million Pennsylvania jobs.
“We must continue to build upon the critical relationship between Pennsylvania and Ontario, ensuring trade between our respective jurisdictions remains strong and without interruption,” Rocco Rossi, president and CEO of the Ontario Chamber of Commerce, said. “With $15.6 billion in bilateral trade at stake, a strong cross-border trade partnership and the renewal of NAFTA are critical for the economic growth and prosperity of both our economies.”