IBC joins insurance associations in backing NAFTA
Published: June 27, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
The Insurance Bureau of Canada (IBC) is among the major insurance bodies that have offered support for the North American Free Trade Agreement (NAFTA). The IBC joined the American Council of Life Insurers, American Insurance Association, Canadian Life and Health Insurance Association, and Mexican Association of Insurance Companies in extending the support.
A joint statement issued by all the associations spoke of approval of the goals NAFTA is trying to achieve. The release says NAFTA “has facilitated increased trade, improved customer choice, allowed for the provision of more services and has fostered growth and greater cooperation among government policy makers, regulators and insurers in all three countries.”
The North American Free Trade Agreement is a trilateral trade bloc between the USA, Mexico, and Canada. It was introduced on January 1, 1994 and proceeded the Canada-United States trade agreement. Many experts say NAFTA has had a good impact in Mexico, but has had negligible impact in Canada and the US.
However, the insurance associations still back the agreement:
“The NAFTA financial services committee has been a valuable mechanism to resolve trade issues through consultation and education instead of lengthy and costly disputes,” the statement reads.
“Recognizing the vital contribution that NAFTA has played in all three markets, we look forward to working with our governments to ensure that their modernization efforts enhance the existing benefits the NAFTA provides.”