On June 19th, the Mexican Senate approved the new trade agreement between Mexico, the United States and Canada (USMCA) with 114 votes in favor, four votes against and three abstentions, turning Mexico into the first country of the three to ratify it. “With this approval, Mexico sends a clear message in favor of an open economy and deepening its economic integration in the region”, the Senate said in a statement.
Signed since last year, it is intended to be an update of the North American Free Trade Agreement (NAFTA), signed in 1994. Its elaboration was achieved after a year of tense negotiations between the parties. It must be approved by the legislatures of these countries before it can enter into force.
That is a difficult task, more than anywhere in the US. The agreement has to be approved by both the House, controlled by the Democrats, and by the Senate, controlled by the Republicans, and legislators from both parties have criticized some of its provisions. The Democrats have also expressed their concerns about the application of labor rights and environmental law in Mexico.
In Canada, if the Senate and the House of Representatives are not summoned to an extraordinary session, there is the possibility that it will have to be “discussed under a new government” since Canada will hold elections on October 21st.
President Andres Manuel Lopez Obrador said that the ratification of the Treaty “is a clear signal that there is unity in the country and that we agree on this Treaty. Above all, because it has a complement: it is not only that a commercial agreement is signed, not only is it commercial economic exchange with the United States and Canada, but also that the agreement is given when productive activities are being promoted in Mexico, jobs are being created, the internal market is strengthened and there is a policy for the well-being for people that has never been seen before “. He also emphasized that this process “would be lame” if it is not served in the south of the country “which is the component that now characterizes the new economic policy and seeks to ensure that development is horizontal and that growth reaches all areas of the country.”
For more information in Spanish:
México espera aprobación de T-MEC en Canadá y EU (La Jornada, 25 de junio de 2019)
3 efectos en México del T-MEC, el tratado que remplaza al TLCAN (Animal Político, 23 de junio de 2019)
T-MEC: al peor postor (La Jornada, 22 de junio de 2019)
Ratificación del T-MEC transmite confianza a inversionistas: AMLO (Proceso, 20 de junio de 2019)
Senado de México ratifica el nuevo tratado de libre comercio con EE.UU. y Canadá, el T-MEC/USMCA (CNN México, 19 de junio de 2019)
México ratifica el T-MEC con Estados Unidos y Canadá (New York Times, 19 de junio de 2019)
El Senado aprueba el T-MEC; es “una buena noticia”: AMLO (Proceso, 19 de junio de 2019)
For more information from SIPAZ:
National/International: Mexico – First Country to Ratify TPP-11 (May 8th, 2018)