Mexico has ratified the new free trade agreement with the US and Canada. The Mexican Senate already approved the treaty for changes two days after the agreement. 107 MPs voted for USMCA on Thursday, and an independent senator voted against.
"We have already done so in Mexico," tweeted President Andrés Manuel López Obrador. He signed the contract ratified by the Senate.
En México ya cumplimos: el Ejecutivo firmó y el Senado ratificó el T-MEC. Ahora corresponde hacer lo propio a los congresos de Estados Unidos y Canadá. It's a buena noticia. pic.twitter.com/B4VwTkpYDu
- Andrés Manuel (@lopezobrador_) 13 December 2019The agreement must now be ratified by the US and Canada. This is expected in spring 2020.
Upswing expected
The United States, Mexico and Canada had agreed a year ago on a draft for a successor to the 25 years ago closed North American Free Trade Agreement (Nafta). US President Donald Trump had pushed for the redesign, as he saw his country disadvantaged by Nafta.
But there were additions to this draft. But additions were necessary because in the US the opposition Democrats demanded improvements in Congress. These were agreed on Tuesday.
During the debate in the Mexican Senate, many MPs stressed the importance of the new agreement for the country. It will boost the economy and boost investor confidence in Mexico. The agreement is a "historical work" and has the potential to create numerous jobs, said Senator Ricardo Monreal.