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Mexico Says There’s ‘Life After NAFTA’ If Pact Fails

Agence France-Presse
go to original
November 9, 2017

How NAFTA binds the US and Mexico (Raw Story)

Update: Mexico Holds Interest Rates Steady at 7% Amid NAFTA Uncertainty (The Financial Times)

Mexico said “there’s life after NAFTA” on Thursday as prospects for the 23-year-old trade deal dim following US President Donald Trump’s threat to abandon the pact.

Washington wants to renegotiate the North American Free Trade Agreement (NAFTA) to cut the US trade deficit with Mexico and protect jobs it says are being soaked up over its southern border.

Four rounds of talks between the United States, Canada and Mexico to renegotiate the deal have proved inconclusive so far, dousing hopes it will survive Trump’s assault on pre-existing US trade arrangements.

Most economists say NAFTA overall has brought significant financial benefits to all three countries over its lifespan, even if some industries have suffered from jobs going overseas.

Trump, Canadian premier Justin Trudeau and Mexican President Enrique Pena Nieto are all travelling to Danang in Vietnam on Friday for the annual Asia-Pacific Economic Cooperation (Apec) summit.

Mexico’s foreign minister Luis Videgaray said NAFTA talks will continue but his country was making preparations in the event of a collapse.

“Mexico is bigger than NAFTA and there’s life after NAFTA,” he told reporters on the plane over to Vietnam, according to a transcript released by the government.

“If we don’t succeed, we have to be prepared. Trade with the United States will continue under different rules,” he added, referring to World Trade Organisation (WTO) rules.

Read the rest at Gulf News

Related: Fitch: NAFTA End Would Mean Significant Uncertainty for Mexico (Fitch Ratings)

Related: US Trade War Would Trigger Trump Slump, Warns WTM Report (eTurboNews)

Related: More Discussion Needed on TPP Trade Talks: Mexico (Reuters)

Related: Bid to Save Pacific Rim Trade Pact Comes to a Head (Transport Topics)

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