New NAFTA reinforces Mexico's economic stability: minister
The new North American Free Trade Agreement (NAFTA) reinforces stability in Mexico's economy, the country's economics minister said Thursday, Xinhua reported.
"One of the issues that was weighing heavily ... on the rating of Mexican debt and the Mexican economy was the uncertainty provoked by the lack of a redefinition of how the trade relationship between Mexico and its main partner, the United States, would play out," Mexican Economy Minister Ildefonso Guajardo said.
"When that doubt is dissipated, the conditions of Mexican economic stability are reinforced."
The United States, Mexico and Canada completed the modernization of NAFTA after a one-year-long renegotiation, reaching a new trade deal known as the United States-Mexico-Canada Agreement (USMCA) on Sept. 30.
The revamp began at the request of the administration of U.S. President Donald Trump, who called NAFTA the worst agreement signed by the United States and threatened to abandon it on several occasions.
The governments of the United States, Mexico and Canada signed NAFTA in 1993, which came into force the next year and created a trilateral trade bloc in North America.