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Mexico's president hails U.S. Senate ratification of USMCA trade deal
update:January 17,2020
Jan.17,2020-- Mexico's President Andres Manuel Lopez Obrador on Thursday hailed the ratification by the U.S. Senate of a revised North American free trade agreement, calling it "good news."
The United States-Mexico-Canada Agreement (USMCA) was approved by the Senate earlier in the day, and now goes to U.S. President Donald Trump for his final signature.
"This treaty is going to signify more trust in Mexico so investment flows in, companies set up shop, and there is well-paid work and wellbeing," Lopez Obrador said in a video message posted to Twitter minutes after the USMCA cleared the Senate with 89 votes in favor and 10 against.
The deal still needs to be ratified by the Canadian parliament before it can take effect, but Lopez Obrador said he was confident it would pass.
On Dec. 10, representatives of all three countries met in Mexico to sign off on changes made to the USMCA that mainly centered on the enforceability of the deal's new provisions, including the creation of a trinational panel of experts to ensure compliance and resolve any potential disputes.
U.S. Trade Representative Robert Lighthizer, Canada's Deputy Prime Minister Chrystia Freeland and Mexico's deputy foreign affairs minister for North America, Jesus Seade, signed the modified USMCA in the presence of Lopez Obrador.
The USMCA replaces the North American Free Trade Agreement (NAFTA), which was in effect since 1994.
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