Canada Preparing For US To Pull Out Of NAFTA Trade Deal

Canada Preparing For US To Pull Out Of NAFTA Trade Deal

Speaking about one of his signature campaign promises with The Wall Street Journal, Trump said a renegotiation of the 1994 North American Free Trade Agreement - which includes Canada, Mexico, and the US - could provide cost savings to the USA that could be used to pay for the wall.

Mexico has said it would put forward a counterproposal on autos, though the industry has maintained a tough stance against the plan of U.S. President Donald Trump's administration in the run-up to the next round of talks in Montreal towards the end of January. "That is a whole-of-government operation". Numerous bread-and-butter, business chapters are reaching a closing stage, and officials are developing new, creative ideas to respond to "unconventional" USA proposals, she said. A party's withdrawal takes effect six months after it provides written notice to the other member countries - Canada and Mexico.

It comes as NAFTA negotiations have not only stalled but again, the Trump team is threatening to walk away and tear up the deal.

"We need to think about that in the context of making sure that we handle things in a way that we're well positioned for the subsequent negotiation", he said, adding that the two economies are too intertwined to not require further trade talks.

It's not the first time that Canada has gone to an global trade body to complain about unfair American actions, but the timing of this one is significant.

International Trade Minister Francois-Philippe Champagne said Canada will remain solution-oriented and constructive in its trade talks, but said the WTO complaint sends a clear message of "firmness" in Canada's approach.

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Sometimes, you just have to stand up to the bully.

He added even if the US does announce it plans to pull out, that may not be a final decision and the action would not be immediate.

Finance Minister BIll Morneau wouldn't speculate on outcomes, but he insisted any agreement must be in Canada's best interests. We are focused on achieving. But she said it could backfire if it was the wrong move.

Canadian officials who spoke on condition they not be identified declined to say if the chances of Trump saying he will quit the pact are greater than 50 per cent.

Advertisment Federal bureaucrats in Ottawa have been instructed to prepare for the end of the North American Free Trade Agreement (NAFTA) as talks aimed at modernizing the 24-year-old trade agreement continue to be fractious and hard, according to various news reports.

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