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Mexico ratified on Thursday, June 20, the new free trade treaty with the United States and Canada. The Mexican Senate approved it by a large majority, it is the first country to have signed it. Mexican President Andres Manuel Lopez Obrador welcomed the agreement and said his ratification by his country was " very good news ".
This new US-Mexico-Canada Free Trade Agreement under the acronym AEUMC replaces the former North American Free Trade Agreement, the Alena. It was 1994, and Donald Trump did not want it anymore. He called it "the worst deal ever signed, " calling it " disastrous " for the US economy. He accused him of being responsible for the loss of millions of jobs, particularly in the auto sector. With this new free trade agreement, Donald Trump intends to reduce the trade deficits of the United States.
On the Mexican side, we also welcome the signing of this new agreement. Congressional members had upstream put in place a series of labor market reforms requested by the United States.
For the Mexican Ministry of the Economy, this free trade agreement is synonymous with appeasement with the United States and paves the way for a strengthening of its economic integration in the region.
Even if the conditions of this new agreement are more restrictive for Mexico, foreign investment will continue, which will generate jobs, and most importantly, the country can continue to sell its products to its American neighbor. The treaty has yet to be ratified by Canada and the United States.