Beef Magazine is part of the divisionName Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

US, Canada, Mexico flags Marc Bruxelle/Getty Images

Mexican Senate ratifies USMCA

Lawmakers voted 114-4 to approve the new NAFTA

By Nacha Cattan

Mexico’s Senate ratified a North American trade deal with the U.S. and Canada, becoming the first to do so amid a truce reached with President Donald Trump over an unrelated tariff threat.

The vote took place during a special session less than a month after President Andres Manuel Lopez Obrador sent the accord to the Senate. Lawmakers voted 114-4 to approve it, with three abstentions. The U.S.-Mexico-Canada agreement had been signed by leaders of the three nations in November and is awaiting legislative votes.

USMCA, as the deal is called, modernizes but doesn’t fundamentally change NAFTA. Trump had threatened to impose tariffs on all goods from Mexico if it doesn’t stop illegal border crossings, risking derailing the accord’s ratification earlier this month. But it’s back on track after Mexico struck a deal with him on migration and he dropped the threat, for now.

“No international accord is ideal,” Mexican Senator Hector Vasconcelos, who heads the foreign relations committee, said before the vote. “What’s important is that each participant finds advantages in them.”

Mexico had originally planned to ratify the USMCA in tandem with Canada and the U.S., but Lopez Obrador requested swift approval of the deal.

U.S. House Democrats, which hold a majority, are likely to seek changes to the deal before they approve it. U.S. Trade Representative Robert Lighthizer said Tuesday he’s committed to working with Democrats on changes.

To contact the reporter on this story:
Nacha Cattan in Mexico City at ncattan@bloomberg.net
To contact the editors responsible for this story:
Carlos Manuel Rodriguez at carlosmr@bloomberg.net
Walter Brandimarte
© 2019 Bloomberg L.P.
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish