API, CAPP, AMEXHI released new joint position paper reiterating the importance of NAFTA
OREANDA-NEWS. November 16, 2017. The American Petroleum Institute (API), Canadian Association of Petroleum Producers (CAPP) and the Mexican Association of Hydrocarbon Companies (AMEXHI), released a new joint position paper reiterating the importance of NAFTA and maintaining robust investment protections to keep North American energy integration strong as the fifth round of negotiations to modernize the North American Free Trade Agreement (NAFTA) begin.
“We support a modernized NAFTA that enhances the North America energy success story; if it is not possible for the U.S., Canada and Mexico to agree on an updated NAFTA, we urge policy makers to retain the current NAFTA and all of its considerable mutual energy benefits that would be diminished greatly without a trilateral NAFTA. We do not support proposals such as a sunset clause or an ISDS ‘opt in/opt out’ mechanism that would weaken stability and investment protection for long-term investments,” the three organizations, who collectively represent more than 750 international oil and gas companies in the U.S., Canada, and Mexico, stated in the paper.
The full API, CAPP, AMEXHI position paper is available on the API website.
“NAFTA has been a success story for North American energy security by allowing for the more efficient flow of energy, spurring economic growth, investment and job creation here at home,” said API President and CEO Jack Gerard. “The U.S. must retain its commitment to NAFTA and its robust protections for U.S. businesses and workers to continue benefiting energy consumers and advancing our nation’s energy leadership throughout the world.”
“Since NAFTA was created in 1994 the economies of Canada, the United States and Mexico have been intertwined,” said CAPP CEO Tim McMillan. “The agreement has been, and continues to be, mutually beneficial, with the potential to create new opportunities to enhance our trade relationships across North America. NAFTA is important to ensuring our continent’s energy self-sufficiency and security.”