Three of the nation's top business groups are asking the Trump administration not to weaken the ability of corporations to use the North American Free Trade Agreement to challenge government decisions, The Wall Street Journal reported.

The U.S. Chamber of Commerce, Business Roundtable and National Association of Manufacturers recently co-signed a letter calling on federal officials to nix a proposal to make U.S. participation in NAFTA arbitration panels voluntary. The panels allow corporations to sue for damages if they believe governmental decisions improperly diminish the value of their foreign investments, the newspaper reported.

"For decades, U.S. trade and investment agreements have provided for neutral arbitration to resolve investment disputes," the groups said in the letter. "These (panel) procedures ensure that other countries treat U.S. investors fairly, do not seize their property without compensation and do not impose ‘forced localization' requirements that compel jobs to be shipped overseas."

Representatives from the U.S., Mexico and Canada are currently renegotiating the 23-year-old trade deal. http://on.wsj.com/2xyZsGH

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