Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Canada says top NAFTA officials in constant contact on trade talks

Published 2018-05-22, 03:14 p/m
Updated 2018-05-22, 03:20 p/m
© Reuters.  Canada says top NAFTA officials in constant contact on trade talks

By David Ljunggren

OTTAWA, May 22 (Reuters) - Top U.S., Canadian and Mexican officials are in constant contact about slow-moving talks to revitalize NAFTA and are ready to meet at any time to push the process forwards, Canada's foreign minister said on Tuesday.

Negotiations to update the North American Free Trade Agreement have stalled as Canada and Mexico try to digest U.S. demands for major changes.

U.S. officials have said some kind of a deal is needed in the next few weeks to prevent the negotiations spilling into campaigns for a Mexican presidential vote on July 1 and mid-term elections for the U.S. Congress in November. Minister Chrystia Freeland said she had spoken on Monday with her counterparts driving the file - U.S. Trade Representative Robert Lighthizer and Mexican Economy Minister Ildefonso Guajardo - and they had agreed to meet if necessary.

"That was one of the things we talked about yesterday -- all of us are able to get on a plane and meet at the moment when that could bounce the negotiations (forwards). So we are in very close, I would say constant, touch," she told reporters.

U.S. Treasury Secretary Steven Mnuchin on Monday said major issues remained between the NAFTA nations. and Mexico are struggling to accommodate U.S. demands for tougher rules of origin that dictate how much of a car must be produced in NAFTA nations to quality for duty-free status.

"I personally do believe that an agreement on rules of origin is really achievable but it is also the case that nothing is done until everything is done," said Freeland.

A U.S. official said no meetings between the three top ministers were currently scheduled.

The administration of U.S. President Donald Trump, who has regularly threatened to pull out of the 1994 agreement, also wants higher wages in the auto sector.

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.