United States Initiates Process to Renegotiate NAFTA

On May 18, 2017, the U.S. Administration formally notified Congress in writing that they will seek to renegotiate the tri-lateral 1994 North American Free Trade Agreement (NAFTA) with Canada and Mexico.

It is the Administration’s position that the agreement is “outdated and does not reflect modern standards”. Both Canada and Mexico have responded that they are eager to participate in the negotiations in order to improve the agreement for all participants.

Since 1993, the Council on Foreign Relations reports regional trade within North America increased from $290 billion to $1.1 trillion in 2016.

Formal negotiations are expected to begin between the three countries 90 days after the letter was issued to congress.

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