Xinhua, Mexico City :
Mexico believes the three parties to the North American Free Trade Agreement (NAFTA) can reach a deal to update the terms of the accord, despite their current differences, Economy Minister Ildefonso Guajardo said on Friday.
“We have room to reach an understanding,” Guajardo told attendees at the opening of a national textile convention in Cancun, adding: “We know the complexity of this negotiation.”
Canada, the United States and Mexico have been renegotiating the two-decade-old trade agreement to address U.S. grievances and include fields, such as e-commerce, that were not relevant back in 1994.
One of the main U.S. preoccupations has been its bloated trade deficit with Mexico, which Guajardo downplayed not as the main cause of a poorly performing economy, but as the result of monetary and fiscal policies. “We can help them with their concern about the trade deficit so they have a favorable redistribution of trade, as long as it is through the expansion of trade and not the contraction of trade,” said Guajardo.
Mexico believes the three parties to the North American Free Trade Agreement (NAFTA) can reach a deal to update the terms of the accord, despite their current differences, Economy Minister Ildefonso Guajardo said on Friday.
“We have room to reach an understanding,” Guajardo told attendees at the opening of a national textile convention in Cancun, adding: “We know the complexity of this negotiation.”
Canada, the United States and Mexico have been renegotiating the two-decade-old trade agreement to address U.S. grievances and include fields, such as e-commerce, that were not relevant back in 1994.
One of the main U.S. preoccupations has been its bloated trade deficit with Mexico, which Guajardo downplayed not as the main cause of a poorly performing economy, but as the result of monetary and fiscal policies. “We can help them with their concern about the trade deficit so they have a favorable redistribution of trade, as long as it is through the expansion of trade and not the contraction of trade,” said Guajardo.
