Current Date:

Monday, 28 November 2016

Canada Expects Joint Trade Talks with U.S., Mexico - Finance Minister

LONDON (Reuters) - Canada aims to hold joint talks with the United States and Mexico over their trade agreements

, which U.S. President-elect Donald Trump has threatened to scrap, the Canadian finance minister said on Tuesday.
"We have an enormous stake in the success of our relationship with the U.S. and with Mexico: our supply chains are intertwined, we've developed a very successful economic unit over the course of the last twenty years," Bill Morneau said at the London School of Economics.
"We will work with the U.S., and this would go with any U.S. administration, in order to show the benefit of that relationship," he said. "We expect Mexico will be part of that discussion."
Mexico, the United States and Canada trade under the North American Free Trade Agreement (NAFTA), formed in 1994. Trump has threatened to scrap or renegotiate NAFTA to get a "better deal" from Mexico and Canada.
Exports account for about a third of Canada's GDP. Of these, about three-quarters go to the United States and many Canadian companies are dependent on American imports.
A study by Export Development Canada estimates exports to the United States could drop by as much as 5 percent if a 10 percent tariff were imposed.