Published: Sat, May 12, 2018
Global News | By Blake Casey

Time running out for NAFTA deal

Time running out for NAFTA deal

Industries in the creative communities have added $1.2 trillion to the USA economy; and the biopharmaceutical industry has created more than 4.7 million American jobs and contributed $1.3 trillion to the US economic output.

Major differences remain between the three members of the North American Free Trade Agreement after more than eight months of largely slow-moving negotiations launched at the insistence of Washington, which wants major changes to the 1994 pact. Guajardo said his team tried hard during the week to bridge the gap.

Guajardo said he would meet at 1 p.m. EDT (1700 GMT) with Canada's Foreign Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer, and that the three are closer to agreeing new rules for autos that are vital for a deal. "The negotiation will take as long as it takes to get a good deal", she told reporters after the meeting.

But Ryan expressed skepticism that a deal could be reached in time and noted that several major issues remained unresolved, such as USA demands for more access to Canada's dairy market and to make an investment dispute arbitration system optional.

Pressure to reach a deal increased this week after Speaker Ryan said he needed to be notified of a new NAFTA by May 17 to give the current Congress a chance of passing it. "If they can't, then we won't". Therefore, it is critical that the U.S. Trade Representative immediately focus his attention to the IP Chapter of the NAFTA modernization, and push for a strong IP rights package that will protect the innovative and creative communities, and provide legal certainty for these industries to make high-risk, high-capital investments into the latest developments for creative content, cutting-edge technologies, and next generation medical innovations.

Freeland, however, struck a more optimistic tone.

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Mexico's Financial system Secretary mentioned Friday working teams from the three global locations would meet once more Monday.

Mexico disagrees with USA makes an attempt to get larger regional content material guidelines and orient manufacturing to higher-wage US and Canadian factories.

It forms a key plank of the Trump administration's aim to boost jobs and investment in the United States.

"We believe there is a way to solve autos". "We're going over all the items".

Many other major issues crucial to a deal are still unresolved, including USA demands for a five-year sunset clause, and elimination of settlement panels for trade disputes. "It's very important to stress that".

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