A former Canadian diplomat took to Twitter to express his take on the North American Free Trade Agreement (NAFTA) while markets speculate that US-Mexico deal is almost done.
Key Highlights:
“As to talk of a fully revised NAFTA being concluded in the next few weeks, there seems little possibility of that.
At last count, 10 of the 30 chapters of this enormously complex agreement, containing some of the most contentious issues, remain unresolved.
Added to these timing difficulties is that U.S. law requires the President to give Congress 90 days advance notice of his intention to sign the agreement, meaning a final treaty, not just an understanding or statement of principles.
And after being signed by the President, Congress has a further 90 sitting days to consider it. It can be approved or rejected during that period.
“¦ it’s impossible for the current Congress, even under the so-called lame-duck period before year-end, to be presented with a new NAFTA and to examine it within 90 sitting days as mandated by statute.”
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