U.S. Trade Representative Robert Lighthizer said it’s possible NAFTA partners will reach a tentative agreement next month to revamp the 24-year-old pact.
This story by Bloomberg appeared on Automotive News Canada.
In congressional testimony Thursday in Washington, D.C., Lighthizer said the timetable would meet the Mexican objective of having President Enrique Pena Nieto sign a new North American Free Trade Agreement before he leaves office in December.
That’s because U.S. trade law requires a three-month period after a deal is reached before the parties can sign it. In other words, if the three countries don’t strike a deal until September or even later, the incoming Mexican president, Andres Manuel Lopez Obrado, would have to sign off on it after he takes office.