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Economy & Business - January 2020

MEXICO: US Congress ratifies USMCA

After months of delay, both the US House of Representatives and the US Senate have approved an updated version of the US-Mexico-Canada Agreement (USMCA) regional trade accord in the past month. This brings the full ratification of the agreement that is to replace the North American Free Trade Agreement (Nafta) one major step closer. Securing the USMCA is a key objective for the Mexican government led by President Andrés Manuel López Obrador, which hopes that the accord will help to reduce uncertainty over Mexico’s trade relations with its North American neighbours and help boost investor confidence in Mexico. The uncertainty and low investor confidence have been blamed for Mexico’s weak economic performance in 2019 and the Mexican government hopes that by addressing these two issues economic growth will strongly recover in 2020.

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