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Mexico Agrees on Need to Update NAFTA
Mexico Economy Minister Ildefonso Guajardo agrees the 23-year-old North American Free Trade Agreement needs a tune-up.
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Mexico Economy Minister Ildefonso Guajardo agrees the 23-year-old North American Free Trade Agreement needs a tune-up.
But Guajardo, who helped negotiate the original pact, told the Detroit Economic Club on Friday an update won’t succeed unless it can deliver simultaneous gains for Canada, Mexico and the U.S. The three countries are expected to begin talks in June.
President Donald Trump has threatened to quit NAFTA and slap a 20% import tax on Mexican goods if he isn’t satisfied with the outcome of negotiations. Guajardo says Mexico won’t agree to changes that add a border tax.
The economy minister adds that NAFTA would continue with Canada and Mexico if the U.S. drops out, noting that the pact also provides clarity about how participating governments treat foreign investments. Guajardo also points out that a U.S. exit from NAFTA would make its trade with Mexico subject to World Trade Organization rules, which limit tariffs among its members to 10% or less.
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