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U.S., Mexico And Canada Sign Updated Trade Deal

NPR's Business Story of the Day

03:27 min | 1 year ago

U.S., Mexico And Canada Sign Updated Trade Deal

"Applause filled the presidential palace Mexico City yesterday representatives of the US Mexico and Canada signed an updated version of the North American. Free Trade Agreement once it's ratified by all parties. The deal will govern billions of dollars of commerce. NPR's Carrie Kahn reports from Mexico City. It seemed like the officials from all three North American countries. He's let out a collective sigh of relief as they sat on a stage facing a packed audience of business leaders and politicians at Mexico's presidential palace. Visual Mission Accomplished declared Mexico's Foreign Minister Marcelo Bernard to great applause for Mexico Mexico. It was a mission that many thout couldn't be completed two years ago. President trump was threatening to rip up Nafta dubbing it the worst trade deal in history a move that would've thrown Mexico's economy into turmoil. Trade between the two countries tops. A billion dollars. A day with eighty percent of Mexico's exports sent to the US and millions of jobs dependent on that Commerce Robert Lighthizer United States trade representative says it's fought hard for a new deal. The result I think is the best trade agreement in history. He says it has the most up-to-date provisions regulating digital and ECOMMERCE in the world types of trade. That didn't even exist. Nafta was originally signed twenty five years ago. And it's something that's going to North America. Richer is going to make America. Richards GonNa make Canada richer and it's going to make Mexico richer. The pact also requires auto manufacturers to use more parts from North America and that a large percentage of vehicle production be done in a plant where the minimum wage is sixteen dollars an hour. The hope there is stimulus and Canadian jobs for moving to lower paid Mexican execute factories. A sticking point in the negotiations in recent months though was a move by Democrats to get tougher Labor and Environmental Enforcement Provisions Mexico. Mexico didn't want to let. US inspectors into their plants. But in the end they signed onto allowing so-called inspection panels with representatives from all three countries. These economists Lewis did like will help negotiate the original Nafta Agreement. Twenty five years ago says Mexican negotiators could have done better. But we're feeling under pressure pressure to get a deal ahead of next year's. US Presidential Elections Sometimes Been Mexico. We minimize the The leveraged we may get in the US Josh on the maybe we will be wise for Mexico to use it more often than he says. The new deal puts an end to the uncertainty driving away. much-needed investment in Mexico Mexico's President Andrew Munro Lopez over the door praise negotiators from all three countries and especially his counterpart Donald Trump. The most new long they put us in the doom not move away not less young. With president trump. We have a really good relations says Lopez Christopher Wilson and Mexico expert expert at the Wilson Center in Washington. DC says such warm talk from across. The border is an odd turn of events. Somehow despite the you know the accusations musicians and the tough rhetoric both countries are finding a way to continue to work together and are even praising each other while they do it. He says it's an interesting Anne strange moment moment in U._S.. Mexico relations right now. Carrie Kahn N._p._R.. News Mexico City.

Mexico Mexico Mexico City Mexico US Donald Trump Nafta Carrie Kahn North America President Richer NPR Canada Robert Lighthizer United State President Andrew Munro Lopez Lopez Christopher Wilson