Palazzo Supports Passage of United States-Mexico-Canada Agreement, Points to Benefits for Mississippi
Washington, DC - Congressman Steven Palazzo (MS-4) today supported passage of a historic overhaul to the outdated North American Free Trade Agreement (NAFTA) by replacing it with the United States-Mexico-Canada Agreement (USMCA). The bill passed by a vote of 385-41.
"Passing the USMCA is long overdue but is a welcomed upgrade to our outdated North American Free Trade Agreement. Exports from Mississippi totaled $3.4 billion in 2018 and the USMCA will only increase our state's export numbers. Free trade with our North American trading partners is vital to Mississippi manufacturers, farmers, and small businesses. We are paving the way for greater economic prosperity in the United States."
The agreement is expected to increase agriculture exports by $2 billion and result in a $65 billion increase in gross domestic product. The USMCA includes strong support for continued access to Mexico for growers of US soybeans, Mississippi's top agricultural export. The agreement expands American poultry access in Canada which will support Mississippi's third largest agriculture export.
The agreement is anticipated to create over 76,000 jobs in the US automotive sector. An important provision for Mississippi automotive manufacturers was the inclusion of innovative rules of origin that will encourage more goods and materials to be manufactured in the United States, bolstering support for Mississippi automotive manufacturers.
In 2018, Mississippi had $3.4 billion in exports to Canada and Mexico, $2.2 billion and $1.2 billion respectively. The top exports to Canada and Mexico are listed below:
Transportation equipment, $664.8 million
Computer and electronic products, $598 million
Chemicals, $425.8 million
Machinery, $413.9 million
Primary Metal Products, $212.2 million
Electrical equipment, appliances and components, $203 million
Petroleum and coal products, $199.7 million
Fabricated metal products, $147.6 million
Paper, $99.3 million
Miscellaneous manufactured commodities, $97.5 million