STOCK MARKET BSE NSE

Mexico very advanced in working through U.S. NAFTA issues: Mexico economy minister

Ildefonso Guajardo was speaking to reporters at the offices of U.S. Trade Representative Robert Lighthizer where the latest Mexico-U.S. talks on NAFTA are being held.

Published: 24th August 2018 10:07 PM  |   Last Updated: 24th August 2018 10:07 PM   |  A+A-

Mexico's Economy Minister Ildefonso Guajardo arrives at the U.S. Trade Representative's office in Washington. (Photo: Reuters)

By Reuters

WASHINGTON: Mexico has come "very far" in working through its list of outstanding issues with the United States in the renegotiation of the North American Free Trade Agreement (NAFTA), Mexican Economy Minister Ildefonso Guajardo said on Friday.

Guajardo was speaking to reporters at the offices of U.S. Trade Representative Robert Lighthizer where the latest Mexico-U.S. talks on NAFTA are being held.

Since talks resumed last month, the two sides have focused on resolving their differences over U.S. President Donald Trump's complaint that NAFTA has benefited Mexico to the detriment of U.S. workers and manufacturing.

Trump has threatened to withdraw from the 24-year-old trade pact between the United States, Mexico and Canada if it is not reworked to the advantage of the United States.

Asked how far down the list of outstanding bilateral issues Mexico had come, Guajardo said: "very far."

Canada has sat out the latest leg of talks waiting for the Mexican and U.S. teams to reach common ground before rejoining.

Guajardo suggested earlier this week that an agreement between the two sides could be just "hours" away, though forecasts subsequently became more cautious.

"As you know, unfortunately, even as you are extremely engaged, there are always last moment things that can come between you and your goals," said Guajardo.

A sticking point of the talks has been new rules of origin for automobile manufacturing which are meant to bring more production to the region.

Industry officials have said the U.S. team had barely moved from its demands last May of a 75 per cent overall regional content threshold with 40-45 per cent content from high-wage zones, effectively the United States and Canada, with the only substantial change a slightly longer phase-in time.

Asked if talks had made headway on a U.S. "sunset" proposal that could terminate NAFTA after five years, which critics say could stymie investment in the region, Guajardo said it was an issue that would be dealt with once Canada rejoined talks.

"It is clear that there are trilateral issues that have to be solved in a trilateral context," he said.

Stay up to date on all the latest World news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp