Foreign Ministers from NAFTA Nations to Meet in Mexico
- Author: Sonia Alvarado Feb 05, 2018,
Feb 05, 2018, 5:26
A large group of Republican senators including Majority Leader Mitch McConnell, R-Ky., wrote to President Donald Trump on Tuesday urging him not to withdraw from the North American Free Trade Agreement.
U.S. Secretary of State Rex Tillerson landed in Mexico City on Thursday afternoon and was due to have dinner with Videgaray and other senior Mexican government and national security officials at U.S. Ambassador Roberta Jacobson's residence.
The Association of Global Automakers is a trade group which represents the US divisions of 12 worldwide automakers.
The U.S. rejected this approach, arguing it would not do enough to force auto makers to use more vehicle parts manufactured on the continent. "I believe that North America can rethink the model".
Controversial changes, such as the possibility for mandated renegotiation every five years, will only cause market uncertainties to the detriment of the US economy.
Trudeau's comments on Friday could ratchet up pressures and remind the US that Canada - America's largest export market - is thinking about life after Nafta if the negotiations collapse.
Trudeau said the 24-year-old pact has been good for both Canada and the USA and a reworked deal could still be reached. "We realize that we could achieve much more by being constructive and by approaching the relationship looking for common ground. with very active cooperation".
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The main Canadian proposal had to do with rules of origin and calculating areas such as software, engineering and technology that hadn't previously been accounted for. However, with all parties now willing to remain at the table and progress being made on some key issues, the prospects of a renegotiated NAFTA becoming a reality are better than they were before the commencement of the sixth round of talks.
Negotiators from the three countries have been meeting since August in hopes of rewriting the 24-year accord, which the president has repeatedly assailed as unfair to his working-class base. Exiting could cause the USA a drop of $13 billion in GDP from farming alone.
How do you see the schedule going, with the Mexican elections in the summer? And I think it's logical. There will be a round at the end of February. NAFTA requires a vehicle to have a certain percentage of North American content in order to benefit from tariff exemptions, and the USA has proposed raising the bar to 85% from 62.5% for a typical auto.
The three ministers discussed various topics, including NAFTA.
We've called for inclusion of both a currency provision and strong standards language in the NAFTA.
Termination would re-impose high costs of tariffs on US exports and imports, which would reduce the competitiveness of USA businesses both domestically and overseas. What progress is being made? USA exports would drop, both to Canada and Mexico and globally, as US output becomes more expensive and therefore US businesses would be less competitive in these markets. It is a very challenging market. According to a January report by Trade Partnership Worldwide, a NAFTA withdrawal would cost the average American household roughly $650 per year due to increased prices and lower wages. "So this is the opposite of what we are trying to do". That products acceptable for sale to USA standards be certified as acceptable for sale in Korea.