NAFTA parties agree to resume talks on May 7

Mexico, Canada and the US have agreed to extend negotiations on the North American Free Trade Agreement (NAFTA), and resume talks on May 7 "to speed up the process", Mexico's Economy Ministry has said.

Negotiating teams from the three countries held a series of technical meetings in Washington on April 4-27 that culminated with the agreement, the ministry said in a statement on Friday, Xinhua news agency reported.

"Over a period of more than three weeks, the teams deepened the technical work on all of the topics of the negotiation," said the ministry.

The chief negotiators, Canadian Foreign Affairs Minister Chrystia Freeland, US Trade Representative Robert Lighthizer, and Mexico's Economy Minister Ildefonso Guajardo, "held various weekly meetings in Washington to follow up on the progress of the talks," the ministry said.

After US President Donald Trump insisted NAFTA be renegotiated in a bid to secure better terms for his country, Mexico and Canada agreed to talks to modernize the 1994 trade deal.

Talks began in August 2017 and following seven rounds, the three sides have reached agreements on six of approximately 30 chapters.

Certain issues have proven more intractable than others, including rules of origin that limit the number of foreign-made parts that can go into an automobile manufactured in North America if it is to be eligible for preferential NAFTA rates.

--IANS

pgh/


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel