Renegotiating NAFTA will take more than one yearBy Elliot Bullman
Renegotiation will take time until internal treaty analysis has been done.
US Commerce Secretary Wilbur Ross estimated that renegotiation by the North American Free Trade Agreement (NAFTA) will not begin until late 2017. In an interview with Bloomberg, the official said that his country is barely in the beginnings of an internal process to evaluate the process.
Ross explained that in order to initiate renegotiation, they must first consult with the Trade Promotion Authority, which is a legislative process that should define the objectives of the US negotiations and describes in detail the supervision of the process to be carried out.
The speed of the process is one of the priorities of the Americans, "uncertainty is the curse of any business, but, frankly, it is also a great curse for the government ... so we will try to solve this as fast as we can" Ross said.
Ross estimated that it will not be until "before the latter part of the year when the actual negotiations begin.
Some experts point out the problems presented by the statements of the Secretary of Commerce. University of San Diego researcher David Shirk said that the Trump administration does not know what it is looking for; "If I were an entrepreneur I would be worried that they still do not know where to begin to renegotiate, they have no idea and they're basically making things up as they go along."
- Mexicans in the US to receive advice on transferring finances
- Mexico turns to Japan to buy meat and Argentina for maize
- BREXIT To Become Official Next Week
- U.S.-Mexico border wall could boost cement industry
- Canada - Mexico can integrate a better supply chain: minister
- Maya chewing gum finds global market
- Monterrey is crowned as the best city to live in Mexico
- Mexico could ignite Latin America’s green bond market
- Mexico's economy minister says NAFTA talks must lead to "certain victories"
- Cinépolis USA Introduces Cinépolis Junior
- Mexican donuts on their way to Latin America
- Samsung will remain in Mexico