Mexico is taking a “sooner rather than later” approach when it comes to potential changes to the North American Free Trade Agreement. A top Mexican official said last week, “It will be in the best advantage of the countries involved that we finish this negotiation within the context of this year.” That is because Mexico will hold a presidential election in July of next year and the current president has reached term limits, meaning there is no guarantee the next administration will come to the negotiating table. Mexico’s top trade official argued it will be challenging to ratify a deal by mid-2018, but he would like to wrap up negations by the end of this year.
The U.S. is already undergoing the administrative steps to start negotiations. The earliest that talks can take place would be the end of July. Mexico and the U.S. remain at odds of the details of the negotiations, and Mexico’s trade negotiator warns the threat of tariffs from the U.S. risked opening a “Pandora’s box.” He argues that lobbyists in Mexico would urge him to strike back against major U.S. exports to Mexico like apples and corn.
Source: NAFB News Service