Canada, Mexico sign NAFTA deal to increase trade, investment
Ottawa, ON — Canada and Mexico signed a NAFTA trade deal today that will boost Canadian-Mexican trade, invest more in Canada’s auto sector and help Canadian firms export more.
The agreement will increase Canada’s trade surplus to $10 billion by 2026 from $7 billion.
The deal is also expected to boost Canadian manufacturing and exports by $500 million over the next five years.
Canada will get a boost from a $6.5 billion in tariff relief and the removal of trade barriers to Mexican goods from 2018 to 2023.
Canada also will receive a $5.5 million boost to the manufacturing of dairy products and a $2 million increase to the auto sector.
Canada has already received more than $1 billion in tariffs from the United States under NAFTA, and the deal will provide more benefits to Canadian producers and manufacturers.
Mexico will also get a $1.1 billion tariff reduction on Canadian goods from 2026 to 2031, while Canada will receive an increase in its import-pricing rules from 2019 to 2024.
Canada has long been a leading trading partner of Mexico.
The two countries signed trade deals in the early 1990s that were followed by a series of agreements, including the Canada-U.S. Free Trade Agreement, the North American Free Trade Area (NAFTA) in 1994 and the Trans-Pacific Partnership (TPP) in 2015.
The trade deal with Mexico is expected to benefit both Canada and Mexico, as it will bring more trade between the two countries.
It will also help both Canada’s domestic and international business, particularly as more foreign investment is coming to Canada.
The trade pact with Mexico will boost Canada’s tariff on Mexican imports from $5,800 to $9,900 per metric ton in 2019, and $6,000 to $12,600 in 2023, according to the Canadian Press.
That will increase the total trade deficit with Mexico by more than 50 per cent, according a Canadian-U, U.S.-based report from the McKinsey Global Institute.
The trade deficit is forecast to be about $30 billion by 2025.
In addition to the tariff relief from 2019-2024, the deal with Canada will help Mexican businesses expand and expand, which will help both Mexico and Canada boost their trade and investment.
The United States is expected not to receive any tariff relief under the deal, as the United State is already subject to tariff increases under NAFTA.
Mexico will get the same trade relief from 2020 to 2026 as it would get under the previous NAFTA deal with the United Kingdom.
The Mexican government will receive about $1,200 in tariff reductions from 2019 through 2023 and $2,300 in 2024.
Mexico will also receive a boost to its automotive sector, as well as a $500,000 increase to its investment in the auto industry, according the McKinseys report.
Both countries will also have access to the United Nations, a key element of the NAFTA agreement, which was announced on November 25.
Under the deal signed with Mexico, the U.N. is expected have greater access to Canadian companies and businesses, including greater access for U.K. firms to U.T.O. programs, such as the Global Fund, a U.F.
O program for the world’s poor, the World Food Program, the Global Biodiversity Fund, and Canada’s International Development Agency.
The U.U. and the U-T.
Os. will also work more closely together to address climate change.
For its part, Canada will have access and greater access than it has under the existing NAFTA agreement.
In 2019, Canada’s GDP was $1 trillion and its gross domestic product was $2.9 trillion.
The pact is expected add $1 to $3 billion annually to Canada’s economy by 2023-2026, and there will be about 50,000 jobs created in Canada and Canada-Mexico, according McKinsey.
A number of issues will remain on the table as the two sides negotiate a new NAFTA agreement and finalize the deal’s future.
NAFTA, a trade agreement signed between Canada and the United Canada states of the former Soviet Union, is the world-leading free trade agreement between the world economies.
As Canada and NAFTA continue to move forward, the two governments will have to ensure that the agreement is not undermined by other countries, including by other free trade agreements like the Trans Pacific Partnership.
The TPP is the most recent agreement to be negotiated between the United Sates and 11 other nations.