Mexico’s Top Diplomat Says Nation Can Survive End of Nafta

BloombergMexico is prepared for the end of the North American Free Trade Agreement if it can’t reach a deal with the U.S. and Canada that benefits all three nations, the country’s top diplomat said.

President Enrique Pena Nieto’s administration is committed to keeping North America tariff-free and has set clear limits for what it can accept in negotiations with the U.S., Foreign Relations Minister Luis Videgaray said Thursday in an interview with Bloomberg TV. He added that his strong relationship with Jared Kushner, President Donald Trump’s son-in-law and adviser, is an asset for Mexico going forward.

Videgaray said that Mexico is open to including a peso stabilization mechanism, alluded to earlier this month by U.S. Commerce Secretary Wilbur Ross, as part of a Nafta update, as long as it preserves free trading for the peso. Improved rules of origin could also added, he said. Like central bank Governor Agustin Carstens, Videgaray said he views the nation’s currency as undervalued even after its world-leading rally since Trump’s inauguration. The rebound shows that investors understand the three Nafta partners are committed to reaching a good deal, he said. …

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