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Canada, Mexico Report “Good Progress” in NAFTA Talks
Chief negotiators from Canada and Mexico say their talks with the U.S. about updating the North American Free Trade Agreement made “good progress” at the end of last week and will continue on Tuesday.
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Chief negotiators from Canada and Mexico say their talks with the U.S. about updating the North American Free Trade Agreement made “good progress” at the end of last week and will continue on Tuesday.
Reuters cites a source who indicates the three countries are zeroing in on a deal that would increase local content requirements for vehicles made in the region to about 75% from the current 62.5%. The Trump administration originally demanded 85% local content by value, including 50% originating in the U.S.
Local content issues, or rules of origin, are at the crux of the negotiations. Envoys reportedly are developing a scheme that would sort vehicle components into three categories, each with its own local content requirement.
The trade representatives are widely thought to be aiming to reach at least an agreement in principle before July 1. That’s when Mexico holds its presidential election and U.S. Congressional midterm election campaigning will ramp up.
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