Mexican Economy Minister Urges Quick NAFTA Renegotiation

Mexico’s economy minister on Thursday urged officials to push for a speedy renegotiation of the North American Free Trade Agreement (NAFTA), saying his country and Canada must be ready to go it alone if the United States pulls out.



Economy Minister Ildefonso Guajardo said if no deal to rework NAFTA could be struck by April 30, then the new political complexion of the region would cast doubt on how incoming lawmakers would view it in Mexico and the United States.

“The whole nature of the agreement would change,” Guajardo said at the World Economic Forum on Latin America in Sao Paulo. “You either get it done by the end of April or then it doesn’t matter: you can go until the end of the year.”

Guajardo had previously identified a window for negotiation extending through July, though his comments come a few days after U.S. Trade Representative Robert Lighthizer floated the idea of reaching a deal “in principle” in the next few weeks.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza