THE NEWS
Two prominent economic experts said on Monday that Mexico the United States and Canada need to revisit the North American Free Trade Agreement (NAFTA) as it enters its 21st year.
Charlene Barshefsky, a former U.S. trade representative, said that despite the success the initiative has enjoyed in its 20 years to date, the NAFTA needs to be updated to ensure it remains beneficial for all.
“Of course it’s not that smart and unnecessary to formally reopen the NAFTA ... but I think there are four routes to improving it,” Barshefsky said.
She added that Canada, the U.S. and Mexico need to better protect intellectual property. She also called on the Obama administration to review a number of “ad hoc” measures currently in place, adding that in general, new regulations are needed and not new laws.
Another former U.S. Trade Representative, Carla Hills, said that a crucial next step for regional integration is to allow Mexico and Canada to join negotiations on deals such as the Transatlantic Trade and Investment Partnership (TTIP), which is currently being negotiated between the EU and Washington.
Hills said that incorporating Mexico and Canada into transatlantic negotiations would provide a brighter future for the NAFTA in areas such as data flow and telecommunications.
She added that it would also give more weight to the deal by considering an additional 150 million consumers.
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