Daily Management Review

Mexico approves amendments to NAFTA


On Tuesday, representatives of the United States, Canada and Mexico signed amendments to the tripartite agreement of the countries on free trade in Mexico City, allowing beginning parliamentary ratification of the document.

World's Direction
World's Direction
"We have reached a fundamental agreement. This is an agreement that works for the benefit of three peoples, nations and governments," said Mexican President Andres Manuel Lopez Obrador after signing the protocol of amendments to the agreement; the Mexican government broadcasted the procedure on Twitter.

Work on the revision of the provisions of the North American Free Trade Agreement began in 2017 and was marked by a number of conflicts, including the threat of imposing US duties on Canada.

The contract revises the rules for participants' access to the domestic markets of the three countries, tariffs and some norms of labor legislation. After signing the changes, the paper must be ratified in the parliaments of the countries. The new standards are expected to enter into force in June 2020.

source: reuters.com