Mexican senators have approved the conditions for the international trade deal between the country, the United States and Canada. The United-States-M
Mexican senators have approved the conditions for the international trade deal between the country, the United States and Canada.
The United-States-Mexico-Canada Agreement (USMCA) was proposed over a year ago as a replacement to the North American Free Trade Agreement, or NAFTA, which eliminated trade barriers between the three countries.
Mexican President Andres Manuel Lopez Obrador said in a press conference on Monday morning that the Mexican Senate is in agreement with the terms of the treaty. He said the senators officially approved the USMCA during a meeting on Sunday.
“We consider this a good agreement for our nations,” Lopez Obrador said. “It’s very convenient for the people of the United States, the people of Canada and the people of Mexico.”
He said that he “respectfully” requests U.S. House Speaker Nancy Pelosi to approve the treaty. The trade deal is still waiting on an OK from U.S. House Democrats before it’s finalized.
Lopez Obrador said that “now is the moment” to approve the deal.
“Now we are just waiting for the United States to decide,” the Mexican president said.
The president also emphasized that as part of the pact Mexico would uphold its end of the bargain to increase labor standards in the country.
Mexico heavily relies on the international trade deal. In 2017, 80% of Mexico’s imports went to the U.S. The following year the U.S. imported about $327 billion worth of goods from the country.