Mexico and the United States today began formal negotiations on the United States-Mexico-Canada Agreement (USMCA) in Mexico City, under pressure from threats of tariffs by the Trump administration.

Mexico’s economy ministry said in a press release that this is “a first official round of negotiations to prepare for the joint review of the agreement,” in which Canada is also participating.

This free trade agreement is vital to the Mexican economy, with the US being its main trading partner and the destination of more than 80% of its exports.

The first round of negotiations will continue until Friday.

“The parties defined the next steps to deepen the discussions, with the aim of recording tangible results for the benefit of the region,” added the press release.

“Mexico and the United States reaffirmed their commitment to continue strengthening bilateral cooperation for the benefit of a more united, dynamic and powerful North America”, stressed the Ministry of Finance of Mexico.

Negotiations will also take place in June and July, respectively in Washington and Mexico City.

Source: prizrenpost