Foreign Affairs Minister Chrystia Freeland shakes hands with Mexican Secretary of Economy Ildefonso Guajardo before an earlier round of NAFTA talks. Negotiations on updating the 1994 free trade agreement are said to be progressing well. (Joshua Roberts/Reuters)

80% Chance of NAFTA deal by May, Mexico says

 In Compliance Updates

Officials from the United States and Mexico said Monday that NAFTA talks are progressing well, but not enough to announce a deal in principle in the near future.

Mexico’s economy minister indicated that he hoped to solidify a NAFTA deal by the first week of May, and told a TV interviewer that conditions were not right for reaching an agreement this week.

Negotiators from the USA in a time crunch to discuss and establish a reworked NAFTA before the makeup of the chambers change in November.

Guajardo has been quoted to say that he feels the probability of reaching a deal within this timeline is ‘about 80%’.

With similar messaging coming from the U.S as of Monday, April 9th, the outlook for this timeline coming to fruition seems positive.

In a recent CNBC interview, Larry Kudlow, White House economic advisor, was quoted to say that “Progress is being made on renegotiating and recalibrating NAFTA…good progress”, further adding that be believed there should be ‘much greater currency co-operation’ between the two nations in the future.

Negotiations to rework the 1994 agreement began shortly after President Donald Trump took office when he promised that the U.S would pull out of the agreement if it was not reworked to be more in favour for the U.S.

Source: www.cbc.ca

 

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