Mexico's Economy Minister: TPP Will Help Modernize NAFTA
Negotiations for the Trans-Pacific Partnership (TPP) will help to modernize the rules and regulations in the North American Free Trade Agreement (NAFTA) between Mexico, Canada and the US, Mexico's Economy Minister Ildefonso Guajardo said. Twenty years after its implementation, NAFTA is in “urgent need for an upgrade” in order for the three North American trade allies to stay competitive, Guajardo said in a statement to Bloomberg BNA. “Through the trade instruments such as rules and regulations which we have been negotiating for the TPP we have been able to upgrade numerous issues that help us standardize rules in NAFTA that ensures it will remain competitive,” the minister said. NAFTA should not be renegotiated, but its members need to make sure it is up to date with the way in which international and bilateral trade is managed today through the use of computer technology, he said. He warned that unless Mexico and its NAFTA partners remain “vigilant and attentive” to these issues, the region could lose out to other trading partners by not having the rules and regulations “adequately updated” to remain competitive.