The President of Mexico, Andres Manuel Lopez Obrador, estimated on Thursday that next week the U.S. Senate will approve the new free trade agreement between Mexico, the United States and Canada (USMCA).
“One piece of good news that I can give in advance is that the U.S. Senate will approve the trade agreement and it will possibly be approved next week, (i.e.) it will happen this month,” Lopez Obrador said during his daily press conference in Mexico City.
The president noted that the approval of the United States “will help a lot and only lack the approval of Canada,” where he said, “will take some time, not much, for their parliamentary processes”.
He said the decision of the U.S. Senate “will help a lot to get more foreign investment (to Mexico), to boost growth and well paid jobs in the country”.
The final version of the USMCA was signed by the three countries on December 10 in Mexico City after the agreement was amended to allow its approval by the Democratic majority in the U.S. House of Representatives.
Although the House of Representatives ratified the USMCA on December 19, the trade agreement that will replace the North American Free Trade Agreement (NAFTA), in force since 1994, has yet to be approved by the U.S. Senate in order to be ratified by that nation.
Canada has not yet ratified the USMCA either, although the government has indicated that it will do so as soon as the United States completes its approval process.
According to a survey released Thursday, 77% of Canadians support the new trade agreement between the United States, Mexico and Canada, known as USMCA, which was signed by the three countries on December 10.
The Mexican Senate already endorsed the agreement on December 12th, but the USMCA will not enter into force until all three signatory countries have ratified it.
USMCA maintains the free trade philosophy of NAFTA but has been updated to reflect new realities, such as the growth of Internet sales, and to protect jobs in the manufacturing sector in the United States and Canada.