Social 30-11-2018

Canada, the US and Mexico sign a new T-MEC trade agreement in Buenos Aires

The presidents of the USA, Donald Trump; of Mexico, Enrique Peña Nieto and the Prime Minister of Canada, Justin Trudeau signed the new trade agreement for North America in Buenos Aires.

"Canada, the US and Mexico are ready for a new stage for their shared history," said the Mexican president in the declaration prior to the signing of the Mexico-US-Canada Treaty (T-MEC) in the framework of summit meetings from the group of 20 industrialized and emerging countries (G20).

The agreement that cost hard negotiations was finally signed and will be reviewed every six years.

The T-MEC must be ratified throughout 2019 by the US House of Representatives, where the opposition Democratic Party is the majority, the parliament of Canada under the control of the Trudeau party, and the Mexican Senate with a majority of the nationalist left of the president-elect, Andrés Manuel López Obrador.

On September 30, in a joint statement, the Foreign Minister of Canada, Chrystia Freeland, and the US Foreign Trade Representative, Robert Lighthizer, announced the new trilateral agreement between the US, Canada and Mexico, called USMCA (by the acronym in English of the three countries) or T-MEC.

This agreement will replace the North American Free Trade Agreement (NAFTA), also known as NAFTA, in force since 1994.

The most critical points of the discussions were the US tariffs on steel and aluminum and the Mexican auto industry.

Trump has applied protectionist policies with all countries, which has led to a trade war with China.


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