Daily Management Review

The US and Mexico are accelerating revision of NAFTA


03/06/2018


Mexican and American officials intend to accelerate negotiations on the revision of the North American Free Trade Agreement (NAFTA) in order to reach a consensus in principle and avoid political clashes in the future.



pixabay
pixabay
According to Reuters, US Trade Representative Robert Lighthizer, being impatient with the slow pace of the talks, said that the presidential elections in Mexico and the congressional elections in the US impose additional requirements on the United States, Mexico and Canada to develop a plan in the near future.

"We probably have a month or a month and a half to reach agreement in principle," Lighthizer told reporters after the seventh round of talks on the revision of the North American Free Trade Agreement in Mexico City.

He spoke after a meeting with Mexican Minister of Economy Ildefonso Guajardo and Canadian Foreign Minister Chrystia Freeland at a joint event where the mood was more friendly than during previous rounds, despite serious disagreements over the plan of US President Donald Trump to introduce tariffs on steel imports.

Earlier it was reported that Mexico is ready to change the rules of origin of cars, which is one of the most controversial issues in the revision of the North American Free Trade Agreement (NAFTA), 1994.

According to the provisions of the treaty, at least 62.5% of the net cost of a car or light truck must have the origin of the United States, Canada or Mexico, so as not to be subject to tariffs.

The administration of President of the United States Donald Trump wants to increase this threshold to 85%, the American side also advocates that half accounted for the United States.

Mexican Minister of Economy Ildefonso Guajardo said that while the automotive industry of Mexico, represented by AMIA, expressed its desire to maintain the current regional requirements for cars at 62.5%, it is worth agreeing that North America can rethink this model.

source: cnn.com






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