June 21, 2019

Mexico becomes the first country to ratify the new NAFTA

Mexico has formally ratified the new North American free trade agreement with Canada and the United States, becoming the first of three countries to give the green light to the treaty.

The Mexican Senate, meeting in special session Wednesday, approved the new treaty by 114 votes to 4, with 3 abstentions. Mexico's Ministry of Economy argues that the country is sending a clear message for an open economy and for strengthening its economic integration in the region.

Negotiations for the new agreement ended on September 30, 2018 and it was signed signed by the leaders of the three countries on November 30.

The agreement is still awaiting ratification in Canada and the United States.

Link: Canada-United States-Mexico Agreement