Mexico to send USMCA trade deal to Senate
Topics: MEXICO USMCA TRADE
Earlier this week, Lopez Obrador announced the Senate informally agreed to terms of the United States-Mexico-Canada Agreement (USMCA), which would replace the North American Free Trade Agreement (NAFTA).
“We consider this a good agreement for our nations,” he said Monday. “It’s very convenient for the people of the United States, the people of Canada and the people of Mexico.”
NAFTA eliminated trade barriers between the three nations. Mexico relies heavily on the trade agreement. In 2017, about 80% of the country’s exports went to the U.S.
Mexico is the first country to agree to all of the USMCA’s terms. The Mexican government is expected to quickly ratify the trade deal.
Lopez Obrador has “respectfully,” asked U.S. House of Representatives Speaker Nancy Pelosi to advance the agreement through the chamber.
The deal still needs the approval of the U.S. Congress before it can be finalized. ■