Published: Mon, December 09, 2019
Markets | By Otis Pena

Mexico says Good Progress on trade deal, however work still remains

Mexico says Good Progress on trade deal, however work still remains

Mexico's top negotiator concluded an eleven-hour meeting with his USA counterpart on Friday evening, saying they had not signed a new trade agreement for Mexico, the United States and Canada.

Mexico's Foreign Minister said Sunday the country would not accept a USA proposal for steel and aluminum production under the new trade deal, saying it would leave Mexico at a disadvantage.

Ebrard says more than 90% of USMCA is not open to revision, but there will be an addendum to the deal.

Ebrard's comments come just a few days after Mexican President Andres Manuel Lopez Obrador said he would not accept a US proposal for supervisors to oversee the implementation of Mexico's labor reforms under the USMCA. He said he would likely return on Monday to continue talks.

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Ebrard said the Mexican delegation will ask at the next meeting of treaty representatives that the provision come into effect "more than five years" after the start of the trade pact, rather than immediately. "I'm confident this is going to reach home, but we're working on it", he said.

The USMCA, signed about a year ago, must be passed by lawmakers in all three countries, including the U.S. Congress. For months, the White House and House Democrats have been in talks about changes to key sections of the agreement with the aim of securing congressional passage this year.

The Democrats and U.S. President Donald Trump's trade negotiator have differences on enforcement of labor rules, according to the report. It's unclear how long Pelosi and her top trade negotiator, Representative Richard Neal of MA, chairman of the House Ways and Means Committee, would review the proposal. But Democratic lawmakers have held up United States ratification over concerns about how labor and environmental provisions would be enforced.

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