The negotiations with these countries will start after August 16, Correspondent.net reports.
U.S. Trade Representative Robert Lighthizer notified U.S. Congress of the President Donald Trump’s plans to renegotiate the North American Free Trade Agreement (NAFTA). Thereby, the formal process of renegotiation of this document started.
“NAFTA agreement was approved 25 years ago; during this time, our economy and business significantly changed, but NAFTA didn’t. Many provisions went out of date and do not meet modern standards”, according to Lighthizer’s letter.
According to him, Trump’s administration intends to achieve “timely and tangible results for US consumers, entrepreneurs, farmers and workers”.
It is also reported that direct negotiations with Canada and Mexico will start not sooner than August 16, 2017.
As Correspondent.net reported, during the election campaign, Donald Trump promised to terminate NAFTA agreement. He said that “it is the worst trade deal, ever concluded by Washington”.
However, on April 26, it became known that Trump decided not to terminate cooperation under NAFTA agreement. Now, he intends to pursue more favorable trade terms for U.S.
It should be noted that Canada and Mexico are the second and third U.S. partners after China in terms of trade. NAFTA agreement came into force in 1994 and is considered to be one of the most successful free trade agreements in the world.
