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CANADA-TRADE-NAFTA-DEAL
Still hope for NAFTA deal, but Canada must quickly diversify markets:
trade minister
MONTREAL, June 14, 2018 (BSS/AFP) – Canada’s trade minister held out hope
Wednesday for a new continental trade deal, but with no clear timeline for
reaching an accord expressed also a renewed sense of urgency to diversify
export markets.
“We must continue to negotiate with our American partners because the US
is Canada’s largest economic partner,” Minister Francois-Philippe Champagne
told reporters.
He added that there was “no deadline” for wrapping up negotiations despite
calls to conclude a deal before a July 1 Mexican presidential election and US
midterm elections in November.
“But at the same time, we must also diversify our markets,” he continued,
recalling that his government is “working expeditiously” and “as quickly as
possible” to ratify the Trans-Pacific Free Trade (TPP) with 10 other
countries.
Canada currently sends about 75 percent of its exports to the United
States.
Signed in March without the United States, the TPP would enter into force
60 days after its ratification by at least six of the 11 signatory countries
(Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand,
Peru, Singapore and Vietnam).
The Canadian parliament will be presented a ratification bill on Thursday,
but it seems unlikely to be passed before parliament breaks for the summer on
June 22.
“We want to be part of the first group of countries which have ratified
the TPP because we think it is important to have first-mover advantage for
our companies,” Champagne said.
In the meantime, talks started last August to revamp the 1994 North
American Free Trade Agreement (NAFTA) have bogged down amid efforts to
satisfy US President Donald Trump’s demands for better terms, including a
larger share of US-made components in North American autos and a sunset
clause.
No new rounds of NAFTA talks are scheduled but senior officials from all
three nations remain in contact.
“We will always be at the negotiating table to promote a modern
partnership, a partnership that will create jobs on both sides of the
border,” Champagne said on the sidelines of the International Economic Forum
of the Americas in Montreal.
BSS/AFP/HR/1310