Delay in USMCA not to impact Mexican economy: finance minister

Source: Xinhua| 2019-12-06 07:18:29|Editor: Lu Hui
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MEXICO CITY, Dec. 5 (Xinhua) -- A delay in the ratification of a revised North American free trade agreement will not have any impact on Mexico's 2020 trade outlook, Finance Minister Arturo Herrera said on Thursday.

The United States-Mexico-Canada Agreement (USMCA) has been approved by Mexico's Congress, but needs to be ratified by the legislatures of the other two parties before it can take effect.

According to Herrera, it's impossible to predict when the deal will be passed, but the uncertainty should be of no concern.

"We want it to pass as soon as possible, but as it looks now it could be a matter of weeks, or now or in January," Herrera told reporters at a public event.

"That would not to a large degree have an impact, given that the treaty has a life expectancy of 16 years," he said.

The USMCA replaces the 1994 North American Free Trade Agreement (NAFTA).

The Central Bank of Mexico last week lowered its growth forecast for 2020 from the earlier forecast of 1.5 to 2.5 percent to 0.8 to 1.8 percent.