Daily Management Review

U.S., Canada Strive To Achieve NAFTA Deal


08/31/2018




Following the trade agreement between Mexico and the United States relating to North American Free Trade Agreement (Nafta) trade deal, the negotiations between the US and the third partner Canada have been reported to be going well.  While the negotiations are still ongoing, reports suggest that both the parties want to wrap up the deal before a deadline because the Mexican negotiators are on standby to rejoin negotiations.
 
There are hopes being raised about the strong possibility of the revamping of the Nafta trilateral deal despite some sticky issues still remaining unresolved and the outcome of the talks are turning out to be positive in contrast to the strong criticism of Canada by U.S. President Donald Trump. The negotiations have bene ongoing for over a year now.
 
“Canada’s going to make a deal at some point. It may be by Friday or it may be within a period of time,” U.S. President Donald Trump told Bloomberg Television. “I think we’re close to a deal.”
 
The most important element of the trade deal between Mexico and the US was the changes brought in the auto content rules. The bilateral trade agreement between Mexico and the US paved the way for Canada to rejoin talks to reorganize the 1994 agreement between the three countries which forms the basis for combined annual trade worth over $1 trillion.
 
Sources have informed reports that it is expected that the Mexican Economy Minister Ildefonso Guajardo would soon rejoin the talks with U.S. Trade Representative Robert Lighthizer and Canadian Foreign Minister Chrystia Freeland.
 
Freeland said that no finalized deal has been worked out yet and added: “I had a brief conversation with Ambassador Lighthizer and his team. I had a couple of things to say and we’ll reconvene in the morning.”
 
Earlier Freeland said she had a “long, intensive conversation” with Lighthizer.
 
“We covered a lot of ground,” she added. “The atmosphere remains constructive. There’s a lot of goodwill.”
 
The expectations of a revamped Nafta deal has resulted in the financial markets in U.S., Canada and Mexico to rise broadly.
 
The automotive content provisions which has been the most contentious one and an agreement on this would mean that parts-making business would move away from China, say experts.
 
The US companies would be benefitted by new agreements on governing of the digital economy, coupled with stronger intellectual property, labor and environmental standards.  
 
(Source:www.reuters.com)






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