A government official from Mexico says global trade uncertainty is another reason the U.S. and Canada should ratify the U.S.-Mexico-Canada Agreement. Mexico’s Finance Minister last week noted global trade was a common topic during the fall meetings of the International Monetary Fund and World Bank in Washington.
Arturo Herrera says that in a world that is “probably facing some uncertainties for a while,” USMCA is “going to help attract investments to the region,” according to Reuters. Herrera says the ongoing trade war between the U.S. and China, now 15 months long, is partly to blame for a sharp slowdown in global growth.
USCMA replaces the North American Free Trade Agreement and was ratified by Mexico this summer. The U.S. and Canada have yet to ratify the agreement, and some fear if Congress doesn’t act soon, the deal will be stalled by the 2020 elections.
Democrats in the House of Representatives are set to continue negotiations with the White House this week. However, Congress is running out of working days to pass the agreement this year.