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Mexican president hails progress in trade talks with US / Photo: © AFP/File
NYSE - LSE
Mexican president hails progress in trade talks with US
Mexico is making "very good progress" in trade talks with the United States, Mexican President Claudia Sheinbaum said Friday, a day after Washington broke off similar negotiations with Canada.
Mexico, the United States and Canada are part of the three-member USMCA North American free trade agreement up for review next year, which US President Donald Trump wants to renegotiate on terms more favorable to US manufacturers.
During a press conference, Sheinbaum declined to say whether her country would pursue a bilateral pact with Washington.
She said Economy Minister Marcelo Ebrard would meet members of Trump's administration next week on the sidelines of an Asia-Pacific Economic Cooperation (APEC) meeting in South Korea, and expressed optimism of them "reaching some agreements."
"We are making very good progress in reviewing the points they raised and consider obstacles to the trade agreement. We do not view most of them as such," said the president, adding that the trade negotiations were "very advanced."
The USMCA in 2020 replaced the North American Free Trade Agreement signed in the 1990s.
It is critical to the economies of Mexico and Canada, which respectively send around 80 percent and 75 percent of their exports to the United States.
- 'Fairer' deal -
Trump has already imposed tariffs on some exports from Canada and Mexico that do not fall under the agreement and threatened further punishment if they fail to curb cross-border migration and drug trafficking.
Th Republican's trade war has significantly disrupted cross-border supply chains.
The tariffs are hurting Canada's crucial auto, steel and aluminum sectors, leading to job losses, and also causing pain for Mexico's auto and steel industries.
On Thursday, Trump said he had "terminated" trade talks with Canada over an anti-tariff advertising campaign produced by the Canadian province of Ontario for US television.
Asked what impact this could have on the USMCA, Sheinbaum said Friday "we will wait" and see.
Last month, Canadian Prime Minister Mark Carney visited Mexico City, and expressed his joint commitment with Sheinbaum to making the USMCA pact "fairer."
Both leaders have attempted to reach side deals with Trump, but insist they are not in competition with one another.
They also announced plans to boost bilateral trade and investment, using Canadian and Mexican ports rather than shipping goods across the United States.
Trade between Mexico and Canada last year totaled under $32 billion -- more than 20 times less than the amount each has with the United States.
L. de Freitas--JDB
