IBC Bank Executives Travel to White House for USMCA Signing Ceremony
(JAN. 29, 2020) LAREDO, Texas - IBC Bank Chairman and CEO Dennis E. 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 the United States-Mexico-Canada agreement (USMCA) on Wednesday, Jan. 29.
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. Nixon and Schwebel, longtime advocates for free trade have worked hard for the passage of the USMCA 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 the bilateral trade and investments.
"The ratification of USMCA was 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. "I am honored and humbled to be asked to attend the signing ceremony."
The continuation of the world's largest free trade agreement is essential to maintain the region's competitive advantage and expand on the economic miracle of the last 25 years under NAFTA, which is why IBC Bank has been a passionate and dedicated advocate for its ratification.
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.
"USMCA delivers an agreement that will create more jobs, modernize trade in the digital age and foster innovation," said Nixon. "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."
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.
Gerry Schwebel will also attend the ceremony on behalf of the Texas Association of Business. 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 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." stated Gerry Schwebel
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.