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NAFTA parties agree to resume talks on May 7
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Staff Reporter | 28 Apr, 2018
Mexico, Canada and the US have agreed to extend negotiations on the
North American Free Trade Agreement (NAFTA), and resume talks on May 7
"to speed up the process", Mexico's Economy Ministry has said.
Negotiating
teams from the three countries held a series of technical meetings in
Washington on April 4-27 that culminated with the agreement, the
ministry said in a statement on Friday, Xinhua news agency reported. "Over
a period of more than three weeks, the teams deepened the technical
work on all of the topics of the negotiation," said the ministry. The
chief negotiators, Canadian Foreign Affairs Minister Chrystia Freeland,
US Trade Representative Robert Lighthizer, and Mexico's Economy
Minister Ildefonso Guajardo, "held various weekly meetings in Washington
to follow up on the progress of the talks," the ministry said.
After
US President Donald Trump insisted NAFTA be renegotiated in a bid to
secure better terms for his country, Mexico and Canada agreed to talks
to modernize the 1994 trade deal.
Talks began in August 2017 and
following seven rounds, the three sides have reached agreements on six
of approximately 30 chapters.
Certain issues have proven more
intractable than others, including rules of origin that limit the number
of foreign-made parts that can go into an automobile manufactured in
North America if it is to be eligible for preferential NAFTA rates.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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