NEW YORK/MEXICO: Canadian Prime Minister Justin Trudeau on Thursday said he felt “positive” about talks to rework the NAFTA trade pact, while a top Mexican official held out hope a deal could be hammered out by the end of May.
US officials say the negotiations need to wrap up very soon to give the current Congress time to vote on a final text for a revamped North American Free Trade Agreement.
“To be honest, we are down to a point where there is a good deal on the table,” Trudeau told the Economic Club of New York, saying top Canadian officials were in Washington for talks on how to advance the negotiations.
“It’s right down to the last conversations ... I’m feeling positive about this, but it won’t be done until it’s done.”
Canadian Foreign Minister Chrystia Freeland was due to travel to the US capital later on Thursday for internal meetings and talks with key stakeholders, said a spokesman.
A Mexican technical negotiating team is in Washington but there is no date set for the next NAFTA ministerial meeting with the United States and Canada.
Mexico’s Economy Minister Ildefonso Guajardo said a deal could be reached by the end of May, but added that if no agreement is reached the talks could extend beyond the July 1 Mexican presidential election.
For that to happen, though, the United States and Mexico would have to end what officials say is deadlock over US demands to raise wages in the auto sector and boost the North American content of cars made in the three NAFTA nations.
Critics complain the move is a clear swipe at Mexico, which US President Donald Trump says added low-wage manufacturing jobs at American expense after NAFTA was signed in 1994.
“Any renegotiated NAFTA that implies losses of existing Mexican jobs is unacceptable,” Guajardo said in a tweet.
Under the Trade Promotion Authority statute that would allow a simple yes or no vote on NAFTA, Trump must notify Congress 90 days before he can sign the agreement. The US International Trade Commission then has up to 105 days after the signing to produce a study on the effects of the agreement.
US House Speaker Paul Ryan had said that the Republican-controlled Congress would need to be notified of a new deal by Thursday to give lawmakers a chance to approve it before a newly elected Congress takes over in January.
Ryan, asked on Thursday whether there was any wiggle room in the NAFTA approval timeline for Congress, said “the wiggle room would be at the ITC.”
He added: “My guess is there is probably some wiggle room at the ITC for what it takes for their part of the process but not an indefinite amount and that means time is really of the essence.”
Canada ‘positive’ on NAFTA, Mexico says deal possible by end-May
Canada ‘positive’ on NAFTA, Mexico says deal possible by end-May
- There is a good deal on the table: Trudeau
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
