|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Mexico

New Trade Agreement Will Aid Mexico, Incoming Foreign Secretary Says

MEXICO CITY – Incoming Mexican Foreign Secretary Marcelo Ebrard said on Monday that the trade agreement reached with the United States and Canada is an “opportunity to strengthen the internal market.”

He spoke at a press conference along with Economy Secretary-designate Graciela Marquez, and the person named by President-elect Andres Manuel Lopez Obrador to observe the negotiations with Washington on revising the 1994 North American Free Trade Agreement (NAFTA), Jesus Sede.

“The culmination of this renegotiation process provides certainty in the financial and investment markets and the creation of jobs in our country,” Ebrand said.

The three partners announced on Sunday, after more than a year of negotiations, a new trilateral trade accord that will replace NAFTA and will be called the United States-Mexico-Canada Accord (USMCA).

The pact, according to Ebrard, is an “opportunity for modernization and diversification of the productive sector” that still fully guarantees the rights of workers and labor union freedom.

However, Ebrard emphasized that there will be certain “challenges of adaptation,” particularly for small and medium firms, due to the changes in rules of origin.

In the automotive sector, one of the points that has been most problematic for the renegotiation process, it has been established that to obtain tariff-free access to the US market at least 75 percent of the components of automobiles must be made in the US, as opposed to the 62.5 percent level set by NAFTA.

In addition, at least 40 percent of a vehicle will have to be produced by workers earning at least $16 per hour.

The Lopez Obrador administration, which will begin its duties on Dec. 1, “will seek to push a new active industrial policy for the strengthening of the private sector’s internal labor market,” Ebrard said.

NAFTA encompasses $1 trillion in annual trade among the three countries, but it has been subjected to a renewal process ever since Donald Trump entered the White House, given that he had called NAFTA a “disaster” and vowed to revamp it.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2021 © All rights reserved