NAFTA offers great potential for growth if updated, says Mexico

Source: Xinhua| 2017-08-11 05:08:25|Editor: Mu Xuequan
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MEXICO CITY, Aug. 10 (Xinhua) -- North American Free Trade Agreement (NAFTA) has "very great" potential to expand benefits for its members and their productive changes, if Mexico can avoid a return to trade tariffs, said Mexican officials on Thursday.

Speaking to journalists, one of Mexico's chief negotiators, Kenneth Smith, said that North America saw constant growth in many industries, and Mexico could become the main supplier for the U.S.

"Looking at the integration of productive chains across the three country, we naturally flagship sectors such as automotive, aerospace more recently, in areas of advanced manufacture, in medicine and biotechnology. There is great potential to continue growing and become the main supplier of the U.S. in many areas," said Smith.

NAFTA is a trade bloc including Canada, Mexico and the United States which went into effect in early 1994. U.S. President Donald Trump has showed dissatisfaction with the trade treaty and called for a revision to the agreement.

Representatives from Mexico, the U.S. and Canada will hold the first meeting to update NAFTA on Aug. 16-20 in Washington DC in the United States.

Juan Carlos Baker, Mexico's top negotiator and Under-Secretary for Foreign Trade, reiterated that Mexico also sees avoiding the imposition of tariffs on its partners as a priority.

"The comments we have received through digital platforms and in other consultations...have mainly been linked to the need to preserve the advantages this commercial agreement provides, and not return to a scheme where tariffs are being paid," Baker told the press.

"The possibility of seeing restrictions on trade, on any agricultural or industrial products, is of great concern to the productive sector. We have...included this as one of the objective and priorities for Mexico in the negotiation," he continued.