US President Donal Trump has made good on his promise to renegotiate the North American Free Trade Agreement (NAFTA) – at least with Mexico, after both countries announced a new deal on Monday.
"Our nations have agreed to new rules that will maintain duty free access for agricultural goods on both sides of the border. In addition, we have agreed to eliminate non-tariff barriers and take other steps to encourage more agriculture trade between our two countries," US vice president Mike Pence said in a statement.
Our farmers are going to be so happy
"Our farmers are going to be so happy," President Trump said in a phone conversation with Mexican President Enrique Peña Nieto. "Mexico has promised to immediately start purchasing as much farm product as they can."
The agreement also covers other key trade sectors, such as the motor industry.
President Peña Nieto described the deal as "win-win" and joined US officials in urging Canada, also a NAFTA member, to join the agreement. "Nearly 80% of Mexico’s foreign trade is with North America, hence the importance of reaching an agreement that would benefit the three parties involved,” he said.
EU-Mexico agreement
Mexico exports more than €20bn and imports €16bn worth of agricultural goods to and from the US annually. Tensions between the two countries since President Trump's election were widely seen as a driving factor in the conclusion of a trade agreement between Mexico and the European Union earlier this year.
One of the world's largest dairy and pork importers, Mexico agreed to lift a range of trade barriers on European cheese, milk powders and pork products.
The Trump administration is under pressure to find new outlets for US agricultural production after the trade war it started with China and other partners hit exports. On Monday, US Secretary of Agriculture Sonny Perdue announced a range of supports for farmers suffering "trade damage from unjustified retaliation by foreign nations". This includes €4bn in payments to affected producers, mostly soya bean growers.
Read more
Top US agri official to address ASA conference
Irish dairy to benefit from new EU-Mexico trade deal
US President Donal Trump has made good on his promise to renegotiate the North American Free Trade Agreement (NAFTA) – at least with Mexico, after both countries announced a new deal on Monday.
"Our nations have agreed to new rules that will maintain duty free access for agricultural goods on both sides of the border. In addition, we have agreed to eliminate non-tariff barriers and take other steps to encourage more agriculture trade between our two countries," US vice president Mike Pence said in a statement.
Our farmers are going to be so happy
"Our farmers are going to be so happy," President Trump said in a phone conversation with Mexican President Enrique Peña Nieto. "Mexico has promised to immediately start purchasing as much farm product as they can."
The agreement also covers other key trade sectors, such as the motor industry.
President Peña Nieto described the deal as "win-win" and joined US officials in urging Canada, also a NAFTA member, to join the agreement. "Nearly 80% of Mexico’s foreign trade is with North America, hence the importance of reaching an agreement that would benefit the three parties involved,” he said.
EU-Mexico agreement
Mexico exports more than €20bn and imports €16bn worth of agricultural goods to and from the US annually. Tensions between the two countries since President Trump's election were widely seen as a driving factor in the conclusion of a trade agreement between Mexico and the European Union earlier this year.
One of the world's largest dairy and pork importers, Mexico agreed to lift a range of trade barriers on European cheese, milk powders and pork products.
The Trump administration is under pressure to find new outlets for US agricultural production after the trade war it started with China and other partners hit exports. On Monday, US Secretary of Agriculture Sonny Perdue announced a range of supports for farmers suffering "trade damage from unjustified retaliation by foreign nations". This includes €4bn in payments to affected producers, mostly soya bean growers.
Read more
Top US agri official to address ASA conference
Irish dairy to benefit from new EU-Mexico trade deal
SHARING OPTIONS