The US, Canada and Mexico are expected to sign the new United States-Mexico-Canada Agreement (USMCA), with which President Trump plans to replace NAFTA, on 30 November.
Mexico’s Minister for Economy, Ildefonso Guajardo, told reporters at an event in Mexico City last week that cabinet ministers from each of the three countries will sign the deal at the end of the month, according to Reuters.
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The deal is expected to be signed in Buenos Aires, Argentina, Guajardo said. Argentina is hosting the G20 international forum for governments and central bank governors. It has not yet been confirmed whether the Presidents and Prime Minister will participate in the signing.
Canada, the United States, and Mexico successfully concluded more than a year’s worth of talks in September, finally agreeing on a new agreement to revamp the 24-year-old North America Free Trade Agreement (NAFTA).
Mexico had previously given the green light to a preliminary agreement with the US that could replace NAFTA, without Canada. This included stronger textile provisions than the original trade pact, designed to incentivise greater US and Mexican production in textiles and apparel trade.
But with Canada and Mexico being the United States’ two biggest export markets, the US apparel industry risked being hurt if one of the partners were left out of a new deal.
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By GlobalDataClick here to see what the new United States-Mexico-Canada Agreement (USMCA) – also dubbed NAFTA 2.0 – means for apparel sourcing and the new apparel-specific rules of origin.
