If NAFTA ends, exports will not be affected: Peña Nieto

By Elliot Bullman

Mexico has 12 free trade agreements; and 44% of exports from Mexico to the US enter without tariff preferences

In answering questions for his Fifth Report, EPN said that if the US leaves NAFTA, Mexico has "reliable tools" and business will continue under the World Trade Organization.

IF NAFTA ENDS 1Photo Credits: Twitter Aristegui Noticias

The eventual end of the Free Trade Agreement with the United States and Canada (NAFTA) does not jeopardise the $300 billion dollars of annual Mexican exports to the United States, President Enrique Peña Nieto assured the Senate.

"Although there are concerns about the tariff peaks, they only represent 15% of total exports, in addition, 37% of our exports enter the United States free of duty," he said.

Peña Nieto reiterated that Mexico has 12 free trade agreements with 46 nations; therefore, they "have important and reliable tools to manage a possible exit from the United States of NAFTA."

IF NAFTA ENDS.pngPhoto Credits: Website El Financiero

He recalled that until December, the three nations have held five rounds of negotiations and concluded two chapters: a completely new one, referring to small and medium-sized enterprises (SMEs), and competition, whose provisions were strengthened and modernized to reflect the recent reform to the Federal Law of Economic Competition in our country.

In addition, he said, substantial progress has been made on issues such as anti-corruption, telecommunications, good regulatory practices, sanitary and phytosanitary measures, trade facilitation, electronic commerce, technical barriers to trade and various sectoral annexes.

IF NAFTA ENDS 2Photo Credits: Website MIT News

EPN also talked about diversifying exports. In this framework progress is being made in the modernization of other treaties, such as:

The TLCUEM (with the European Union), where five rounds of negotiations have already been concluded

ACE 53 (Economic Complementation Agreements) with Brazil, where eight rounds have been conducted

ACE 6 with Argentina, so far four rounds have been completed

And the TPP 1, to strengthen trade policy and the strategic importance of diversifying economic relations in the most important markets

Senator Ricardo Urzúa Rivera, member of the support team of the negotiation of the North American Free Trade Agreement (NAFTA), trusts that the sixth and seventh rounds will conclude successfully for Mexico in February or March.

RELATED NEWS

  • Spain and Mexico’s Trade Relations Curdle over Manchego DisputeSpain and Mexico’s Trade Relations Curdle over Manchego Dispute
  • Cape Town Water crisis: Cape Town Water crisis: 'Day Zero' Draws Near
  • MORGAN STANLEY: Here are the 6 internet stocks to bet on in 2018MORGAN STANLEY: Here are the 6 internet stocks to bet on in 2018
  • Ford announces $11B investment, 40 electrified vehicles by 2022 at Detroit Motor ShowFord announces $11B investment, 40 electrified vehicles by 2022 at Detroit Motor Show
  • Automobile Revenues will fall 40% due to Electric and Autonomous VehiclesAutomobile Revenues will fall 40% due to Electric and Autonomous Vehicles
  • Mexico debuts its best startups for 2018 at CESMexico debuts its best startups for 2018 at CES
  • Inside the Secret Society Running the World of CryptocurrencyInside the Secret Society Running the World of Cryptocurrency
  • Opinion: Who Will Profit Off the Next Crash?Opinion: Who Will Profit Off the Next Crash?
  • This is how Jeff Bezos will support the This is how Jeff Bezos will support the 'dreamers'
  • Oil Reaches $70 a Barrel for First Time in Three YearsOil Reaches $70 a Barrel for First Time in Three Years
  • Peso predicted to make comeback in 2018: BloombergPeso predicted to make comeback in 2018: Bloomberg
  • Chihuahua´s governor denounces Government reprisals for PRI corruption investigationChihuahua´s governor denounces Government reprisals for PRI corruption investigation
WATCH LIVE TV



Most Read Articles
Most Watched Videos
  • Generations Riviera Maya
  • Mayair

Language

Mexico News Network
All rights Reserved 2018