Mexico says 'Good Progress' on trade deal, however work still remains

While Mexico had earlier in the year approved the new North American trade deal, and while good progress has been made, the Deputy Foreign Minister of Mexico has said that there are a good many elements that have yet to be resolved and work still remains.

The deal has made 'good progress' but work still remains

The United States-Mexico-Canada Agreement (USMCA) has currently not been passed in the United States because it is being held up by the Democrats. They have expressed several concerns over labour and environmental provisions within the agreement.

According to reports, Jesus Seade said they were all working hard on all the issues and that he was confident that it would all be resolved. As the negotiations continue, steel has also emerged as a major contention point in the deal.  A U.S. trade representative, Robert Lighthizer had demanded in the last minute there be a revision in the definition of what classifies North American steel. Lighthizer has asked that for steel to be considered as North American steel it must be melted and poured in North America itself.

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This demand will help the US and Canada that operate integrated mills but will also slow down negotiations as the demand could prove to be contentious.

The USMCA agreement has been signed but has not yet been ratified, it is a free trade agreement between the three countries.

The deal was negotiated between 2017-2018 between the member states and is a renegotiation of the North American Free Trade Agreement (NAFTA). While the agreement has been signed by the heads of the three-member states, each of the respective countries legislatures must ratify the agreement. During his election in 2016, Donald Trump promised to renegotiate NAFTA or scrap it if it was not working.

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(with inputs from agencies)