IBC Bank Lauds Congressional Passage of USMCA
17 January 2020 - 8:35AM
Business Wire
“The ratification of USMCA is a defining generational moment for
our local communities and our country,” stated Dennis E. Nixon,
president and CEO of International Bank of Commerce and chairman of
International Bancshares Corporation, following the Senate’s
sweeping final approval of the trade agreement.
“USMCA delivers an agreement that will create more jobs,
modernize trade in the digital age and foster innovation. This
agreement will continue to build upon the economic progress we have
made for more than twenty-five years, and reflects the reality of
today’s highly competitive globalized economy. It continues the
success of the largest free trade zone in the world,” Nixon continued.
U.S. trade with Mexico and Canada reached nearly $1.4 trillion
last year and supported 12 million American jobs in manufacturing,
agriculture, technology and the service sector in all 50 states.
USMCA contains enforceable core environmental and labor standards,
improvements long sought-after by Democrats. Mexico’s Congress has
already passed labor reforms required by the agreement and these
provisions are more stringent than in any other U.S. trade
agreement.
The White House estimates that USMCA will add half a percentage
point to U.S. economic growth, create several hundred thousand jobs
and spark up to $100 billion in new investments. The trade
agreement will make the USMCA countries one of the most competitive
regions in the world.
IBC Bank has been integrally involved in promoting North
American Free Trade since the initial negotiation of NAFTA in the
1990s, through the more recent negotiation of USMCA. The
continuation of the world’s largest free trade agreement is
essential to maintain the region’s competitive advantage, which is
why IBC Bank has been a passionate and dedicated advocate for its
ratification.
“In this highly politicized environment, there aren’t many
issues about which Democrats and Republicans can find common
ground. This was one of them,” said Nixon. “Those of us who live
and work on the border understand that the United States, Mexico
and Canada truly share a North American economy.”
Internationally, Nixon is recognized for playing an instrumental
role in the passage of the North American Free Trade Agreement. In
May of 2008, IBC was recognized with the United States-Mexico
Chamber of Commerce's Good Neighbor Award for the bank's
contribution to the passage of NAFTA on its 15th anniversary.
Nixon has also helped create and lead advocacy organizations
like the Association of South Texas Communities, Texas Border
Coalition, Border Trade Alliance and the Alliance for Security and
Trade. Nixon is currently a member of the U.S.-Mexico CEO Dialogue,
an elite group of U.S. and Mexican chief executives whose members
address core issues in the bilateral relationship between the two
countries.
Gerald Schwebel, executive vice president of the Corporate
International Division of IBC Bank, is widely regarded as a leading
expert on international trade and finance. Schwebel frequently
represents IBC Bank and its customers with top government and
business leaders in the United States, Mexico and Canada. His
knowledge and unique overview 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.
His many affiliations and leadership positions include serving
as the 1993 national chairman of the Border Trade Alliance (BTA);
bi-national director of the U.S.-Mexico Chamber of Commerce; member
of the Transportation, Logistics and Infrastructure Committee of
the U.S. Chamber of Commerce; and member of the Texas Secretary of
State's Border Trade Advisory Council and ex-officio member of the
Texas Freight Mobility Committee.
Schwebel is also the immediate past president of North America's
Strategy for Competitiveness (NASCO), which is a tri-national trade
coalition (U.S., Canada, and Mexico) that advocates for
competitiveness through logistics, transportation infrastructure,
security, energy and a skilled workforce.
Additionally, Schwebel is involved with the U.S. Chamber of
Commerce as a member of the U.S.-Mexico Economic Council (USMXECO).
This new organization serves as a platform for both the U. S. and
Mexican private sectors to work together in the creation of
innovative solutions for shared policy challenges, which leads to
boosting growth and creating jobs across North America.
As a community bank, IBC Bank is committed to creating economic
opportunity in the communities it serves. NAFTA has had a
profoundly positive economic impact on the U.S. economy, and in the
states of Texas and Oklahoma in particular. USMCA will continue
this progress for the next generation.
About IBC Bank
IBC Bank and Commerce Bank are divisions of International
Bancshares Corporation (NASDAQ: IBOC), a $12 billion multi-bank
financial holding company headquartered in Laredo, Texas, with 189
facilities and 285 ATMs serving 89 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. International
Bancshares Corporation was ranked 22nd on Forbes’ prestigious list
of 100 Best Banks in America in 2019. MEMBER FDIC / INTERNATIONAL
BANCSHARES CORPORATION. Follow our Facebook page, @IBCBankWeDoMore.
More information is available at ibc.com.
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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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