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API supports modernisation of NAFTA

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Hydrocarbon Engineering,

The President and CEO of the American Petroleum Institute, Jack Gerard, has welcomed the US administration’s recommendations for modernising the North American Free Trade Agreement (NAFTA), which seeks to preserve and strengthen North American energy markets and its benefits for consumers.

Gerard said: “NAFTA provides a strong foundation for the energy flows that occur between the U.S., Canada and Mexico […] We applaud this administration’s willingness to consider ways to improve North American energy markets that are already providing enormous benefits to the US economy and consumers. The US is now the largest producer of oil and natural gas in the world, and this coupled with enhanced energy integration with Canada and Mexico will increase long-term US energy and national security.

“NAFTA has played a critical role in North American energy security by facilitating cross-border trade and investment in energy, supporting millions of US jobs in the oil and natural gas industry, and we encourage the administration and Congress to keep this in mind as they consider possible changes to the agreement.

“NAFTA supports US jobs and manufacturing in energy, helps to make energy more affordable for American families, enhances energy security and affordability for US allies, and enables US companies to compete in Canada and gain opportunities for development in Mexico […] Preserving these benefits is critical, and that includes supporting key provisions like a strong Investor State Dispute Settlement mechanism to protect US companies and ensure they receive fair and equitable treatment. As the process gets underway, we look forward to working with the administration and Congress to continue the US energy renaissance.”

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