The U.S. and Mexico are reportedly close to reaching a tentative agreement to revamp a key trade agreement between the two countries and Canada.
[New: Trump announces NAFTA deal with Mexico, Canada left out for now]
Negotiations on an update to the North American Free Trade Agreement have stalled in recent months amid disagreements over, among other things, provisions related to the automotive and energy industries. U.S. and Mexican negotiators, however, have made breakthroughs on those issues and an agreement could be reached as soon as Monday, according to Bloomberg.
Any deal between the two countries would require approval from Canada, which has stayed out of negotiations over the past few weeks. Prime Minister Justin Trudeau recently said Canada was “encouraged by the optimism expressed by the U.S. and Mexico.”
U.S. Trade Representative Robert Lighthizer has held exclusive meetings this month with Mexican Economic Minister Ildefonso Guajardo.
Guajardo told the Wall Street Journal that the two countries are “very far” down on the list of remaining sticking points, but said “even if you are extremely engaged, there is always a last-moment thing that can come between you and your goals.”
A number of issues, like whether any agreement will include a “sunset clause” requiring the countries to reauthorize the deal every five years, reportedly remain unresolved.
