Mexico City – Mexico’s Senate ratified the Protocol of amendments to the new North American free trade Treaty, which will replace NAFTA in force since 1994.
Amendments to the new free trade agreement (T-MEC or USMCA-new abbreviations of the basic trade agreement in Spanish and English versions-ed.), allowing to begin parliamentary ratification of the document, were signed on Tuesday in Mexico City by delegations of the three countries. The trilateral free trade zone being created will be one of the largest in the world.
“By 107 votes in favor with one vote against, the Protocol of Amendments to the T-MEC and two parallel agreements was adopted,” the Senate said on Twitter.
Thus, Mexico became the first party to the Treaty to ratify it, the United States and Canada are expected to do so in 2020.
Work to revise the provisions of the North American free trade Treaty began in 2017 and has been marked by some conflicts, including threats of US duties on goods from Canada and Mexico by the Donald Trump administration.
The agreement renegotiates the rules of access of participants to the internal markets of the three countries, tariffs and some norms of labor legislation. After signing the amendments, it must be ratified in the parliaments of the countries. The new regulations are expected to come into force in June 2020.