U.S., Mexico Agree on Modernized NAFTA Pact
The U.S. and Mexico have forged a preliminary agreement updating the 24 year-old NAFTA pact.
The main focus of the new pact, which will be re-named the United States-Mexico Trade Agreement, will be the agricultural industry, and the retaining of zero tariffs on ag products. Under the structure of the pact, the two countries will work together to eliminate trade-distorting policies, develop agricultural biotechnology, increase transparency, and mutually ensure non-discriminatory grading of ag products.
Grain representative bodies have been voicing their support. The United States Grain Council (USGC), the American Soybean Association (ASA), the U.S. Wheat Associates (USW) and the National Grain Growers Association have each made statements supporting the agreement and the open trade with Mexico that it secures.