Mexico’s ambassador to the United States says the review of the U.S.-Mexico-Canada Agreement should be completed before the end of the year, providing greater certainty for farmers, businesses, and investors.
Ambassador Roberto Lazzeri told Bloomberg that the three countries need to move quickly to preserve North America’s competitive advantage.
He says every delay in reaching an agreement costs the region market share and competitiveness.
The USMCA governs about $2 trillion in annual trade among the United States, Mexico, and Canada.
But earlier this month, the U.S. chose annual reviews over the next ten years instead of extending the agreement for another 16 years.
Unless one of the three countries withdraws, the trade pact remains in effect through 2036.
Lazzeri’s comments come ahead of a new round of U.S.-Mexico trade talks that are now going on this week in Mexico City, where U.S. Trade Representative Jamieson Greer is expected to meet with Mexican President Claudia Sheinbaum.
