Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Canada, Mexico laud NAFTA progress, ministers to reconvene Tuesday

Published 2018-04-20, 02:01 p/m
© Reuters.  Canada, Mexico laud NAFTA progress, ministers to reconvene Tuesday

By Jason Lange

WASHINGTON, April 20 (Reuters) - Canada and Mexico on Friday said good progress had been made in talks with the United States to modernize the North American Free Trade Agreement (NAFTA) and that ministers would meet again on Tuesday as they push to wrap up a deal.

Canada's Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo struck a positive note after a second day of meetings with U.S. Trade Representative Robert Lighthizer in Washington to revamp the 24-year-old accord.

"We are certainly in a more intense period of the negotiations and we are making good progress," Freeland told reporters, saying negotiating teams would stay in Washington over the weekend as the eight-month-old talks continue.

Guajardo, who has often sought to temper optimism for a quick deal, said the ministers would meet again on Tuesday.

"There was a lot of progress made today," he said.

The three ministers are pressing for a quick deal to avoid clashing with a July 1 presidential election in Mexico, but there have been major differences on several U.S. demands.

Canada and Mexico have battled for months with a U.S. demand for tougher automotive rules of origin. They dictate how much North American content vehicles must contain under NAFTA, which underpins some $1.2 trillion in annual trilateral trade.

"We continue to work very hard on rules of origin, really the heart of this agreement," Freeland said.

The Trump administration had initially demanded that North American-built vehicles contain 85 percent content made in NAFTA countries by value, up from 62.5 percent at present.

However, auto industry executives said last week that Washington had significantly softened this in an effort to move faster toward a deal in the next few weeks. Donald Trump, who has repeatedly threatened to walk away from NAFTA unless major changes are made, says the pact has created jobs in Mexico at the expense of U.S. workers.

Lighthizer instilled fresh momentum into the talks in early March by floating the prospect of a quick deal "in principle." Still, Mexican and Canadian officials say only an agreement covering the essential details will be viable. (Writing by Dave Graham Editing by Tom Brown)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.