NAFTA renegotiations to resume in Washington

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33259730536 5373805144 bTalks to renegotiate the North American Free Trade Agreement (NAFTA) will restart on July 26 in Washington, said Mexico's Economy Minister, Ildefonso Guajardo, on Wednesday.

"The three countries are resuming negotiations," Guajardo told press.

Negotiators from Mexico, the United States and Canada will be present at the talks.

"We will begin with a bilateral (meeting) between Mexico and the U.S., before other meetings with Canada," explained the minister.

Guajardo dismissed the request made on Monday by the U.S. to the World Trade Organization (WTO), to begin discussions with Mexico over the retaliatory tariffs, applied by Mexico on U.S. products, that could hinder negotiations.

NAFTA renegotiations began in August last year after demands made by the Trump administration, who believes the deal to be the worst his country has ever signed and has threatened to abandon it.

The negotiating teams had hoped to reach an "agreement in principle" at the beginning of May, but talks were suspended after disagreements between Mexico and Canada over demands made by the United States.

Guajardo also said that the 13th Summit of the Pacific Alliance offered Mexico a great opportunity for market diversification.

However, the Mexican minister added that the summit, to be held between 21 and 24 of July at the Mexican city of Puerto Vallarta, is independent to the relationship between Mexico and the U.S.

"The Pacific Alliance has been a very effective mechanism to relaunch a position as a modern Latin America, which is now open to associated members," he said.

The Pacific Alliance is a regional trade bloc in Latin America, formed by Chile, Colombia, Mexico and Peru.

 Source: xinhuanet.com 

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