Mexico and US begin round of negotiations to review their free trade agreement
The Mexican Ministry of Economy informed in a statement that the parties "defined the next steps to deepen the talks, with a view to identifying concrete results for the benefit of the region."
Marcelo Ebrard Casaubon, Mexican secretary of economy, talks about the USMCA
Mexico and Washington on Wednesday began formal negotiations on the United States-Mexico-Canada Agreement (USMCA), which come under tariff pressures from President Donald Trump.
The USMCA must be reviewed every six years. It is vital for the Mexican economy, which has the United States as its main trading partner and the destination of more than 80% of its exports.
The first round of negotiations will run through Friday and the Mexican delegation will be led by Economy Secretary Marcelo Ebrard, according to AFP.
"Concrete results for the benefit of the region"
The Mexican Ministry of Economy reported in a statement that the parties "defined the next steps to deepen the talks, with a view to identifying concrete results for the benefit of the region."
"Mexico and the United States reaffirmed their commitment to continue strengthening bilateral cooperation in favor of a more integrated, dynamic and robust North America," the text added.
Questioned about this process during her morning press conference, Mexican President Claudia Sheinbaum expressed optimism that an agreement will be reached.
"It's going to be very good dialogue," she said, detailing that the night before, Secretary Ebrard already had a first exchange with U.S. Trade Representative Jamieson Greer.
First review of the agreement
Further rounds will follow in June and July in the nation's capital and Mexico City, respectively.
The agreement between the three countries will be reviewed this year for the first time since it came into force in 2020.
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