IBC Bank Executives Laud Implementation of USMCA
June 30 2020 - 5:10PM
Business Wire
The United States-Mexico-Canada Agreement (USMCA), which enters
into force on July 1, will bring North American free trade into the
21st Century as well as provide a unique opportunity to address
global supply chain vulnerabilities exposed by the COVID-19
pandemic. The updated agreement between the three nations
solidifies the world’s largest trade bloc, with a combined
population of 450 million people and total GDP of nearly $25
trillion.
“This is a major milestone for American workers, businesses and
manufacturers,” said IBC Bank Chairman and CEO Dennis E. Nixon, who
was been integrally involved in promoting North American free trade
since the initial negotiation of the North American Free Trade
Agreement (NAFTA) in the 1990s, through the more recent negotiation
of the USMCA. “I was proud to join my colleagues on the White House
lawn on Jan. 29 for the signing of this important agreement and am
enthusiastic to witness its implementation on July 1.”
Nixon and IBC Bank Corporate International Division head and
Executive Vice President Gerry Schwebel received personal
invitations from the White House to attend the signing ceremony of
USMCA. Both are longtime advocates for free trade and who worked
hard for the passage of the trade agreement. Nixon was recently
named co-chair of the Trade Policy Working group of the U.S.-Mexico
CEO Dialogue. The group strengthens economic and commercial ties
between the two countries by convening private sector leaders from
the United States and Mexico to provide joint recommendations for
their respective governments on priorities in bilateral trade and
investments.
“USMCA’s entry into force marks a historic new chapter for North
American trade, supporting more balanced, reciprocal trade, freer
markets and robust economic growth in North America,” stated
Nixon.
Implementation comes at a critical time, with the COVID-19
pandemic dramatically highlighting how U.S. dependence on far-flung
supply chains can pose a threat to our public health, our economic
vitality and even our national security. Limited access to critical
medical supplies, manufactured goods and technology components have
magnified the impact of the pandemic.
“USMCA offers a solution for diversifying our supply chains and
bringing more of them closer to home,” explained Schwebel. “The
pandemic has exposed the critical need for the United States to
work toward onshoring our supply chains or, at the very least,
enhancing our capacity to supplement existing supply chains. The
implementation of USMCA provides a unique opportunity for us to do
so.”
Schwebel is widely regarded as a leading expert on international
trade and finance. He frequently represents IBC Bank and its
customers with top government and business leaders in the United
States, Mexico and Canada. His knowledge and unique perspective
have led him to present expert testimony before Congress on issues
regarding U.S.-Mexico trade, including NAFTA, transportation and
logistics, international finance and U.S. immigration reform.
“As we move through and beyond the pandemic, we have a vision
for what a new or parallel system of USMCA supply chains might look
like. This system would give the U.S. economy the resiliency to
minimize or avoid the kinds of shocks it has endured over the past
few months,” said Schwebel. “It’s important that we return to the
idea of thinking ‘more North American.’ We have to focus on our
future and protect important resources such as medical supplies,
pharmaceutical production, technology growth and other critical
needs to avoid the crisis in supply chains that became apparent
with COVID-19. The agreement allows the U.S. and its two closest
neighbors to compete effectively and address critical dependencies,
while improving the quality of life in the USMCA trade
countries.”
As the White House and Congress consider an infrastructure
program in response to COVID-19, Nixon and Schwebel are advocating
for investment in our ports of entry and transportation system as
an important next step in the implementation of USMCA. Such
investments would enhance trade with Mexico and Canada, which
reached nearly $1.4 trillion last year and supported 12 million
American jobs.
“USMCA implementation is only the beginning. Success will
require a significant – and long overdue - investment in our
nation’s trade infrastructure,” stated Nixon. “Modern industry
relies on the coordination of lead times, inventories and
deliveries to maximize efficiency. Delays or bottlenecks at any
point in the logistics process can be disastrous for businesses and
consumers, as the effects of COVID-19 have demonstrated. USMCA
supply chains face two barriers on this count: our antiquated ports
of entry and our aging transportation infrastructure.”
The continuation of the world’s largest free trade agreement is
essential to maintain the region’s competitive advantage and expand
on the economic successes of the last 26 years under NAFTA, which
is why IBC Bank has been a passionate and dedicated advocate for
its ratification and will continue to work for its success now that
USMCA has entered into force.
About IBC Bank IBC Bank and Commerce Bank are divisions
of International Bancshares Corporation (NASDAQ: IBOC), a $12.5
billion multi-bank financial holding company headquartered in
Laredo, Texas, with 187 facilities and 284 ATMs serving 88
communities in Texas and Oklahoma. IBC Bank’s slogan “We Do More”
reflects the bank’s dedication to the growth and success of the
customers and the communities it has been serving since 1966.
MEMBER FDIC / INTERNATIONAL BANCSHARES CORPORATION. Follow our
Facebook and Instagram page, @IBCBankWeDoMore. More information is
available at ibc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200630006041/en/
Eddie Aldrete IBC Bank – International Affairs 210-518-2516
eddiealdrete@ibc.com
Carlos de Leon KGBTexas Communications 210-826-8899
carlosd@kgbtexas.com
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