Mexico Trade Consulations Favor Tweaking USMCA Over Major Revamp

Article content(Bloomberg) — The US-Mexico-Canada free trade deal shouldn’t undergo a major renegotiation but instead be improved and strengthened, according to consultations with key economic sectors overseen by the Mexican government.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe consultations concluded that the three-nation accord known as the USMCA has promoted economic integration across North America while enhancing the region’s global competitiveness.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article content“The treaty is perceived as an asset that should be preserved, even though its operation could be improved,” according to a report from Mexico’s economy ministry that cited a majority of business interests surveyed.Article contentArticle contentThe high-stakes trade pact review could boost or undermine trillions of dollars worth of cross-border North American commerce that has grown dramatically over the past three decades.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“The challenge is to implement it better, modernize it, and make it more inclusive,” Deputy Minister for Industry and Commerce Vidal Llerenas said during an event to present the results of the consultation process.Article contentPresident Claudia Sheinbaum is betting on a successful review to bolster a sluggish Mexican economy battered by US trade uncertainty as well as business concerns over sweeping reforms she’s championed, including a judicial overhaul that critics argue has undermined the independence of the country’s courts.Article contentThe USMCA, which supplanted the earlier NAFTA trade pact, was inked during President Donald Trump’s first term. Its long-anticipated review is set to start on March 16, but Trump has offered mixed support, at times suggesting he’d prefer new bilateral deals instead.Article contentThe economy ministry conducted consultations with 30 sector roundtables, ranging from metals, agriculture, construction, carmaking and tourism. It sent more than 500 surveys to companies, chambers and industrial groups.Article contentTrending Posthaste: How $100 oil could do Canada's economy more harm than good News Canadians blasé about CUSMA misunderstand the market risks Investor IMF urges preparation for 'unthinkable' amid Mideast conflict Economy Here are 5 things worried investors can do as the Iran war plays out Investor Subscriber only. G7 to discuss joint release of emergency oil reserves as crude hits $100 Subscriber only Financial Times Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: How $100 oil could do Canada's economy more harm than good News Canadians blasé about CUSMA misunderstand the market risks Investor IMF urges preparation for 'unthinkable' amid Mideast conflict Economy Here are 5 things worried investors can do as the Iran war plays out Investor Subscriber only. G7 to discuss joint release of emergency oil reserves as crude hits $100 Subscriber only Financial Times