US, Mexican and Canadian business groups applauded a new North American trade deal’s entry into force on Wednesday, but said more work and flexibility was needed to overcome challenges including implementation of new labor and automotive rules.
The US Chamber of Commerce, the Canadian Chamber of Commerce and Mexico’s Consejo Coordinator Empresarial said in a joint statement that the new US-Mexico Canada Agreement provides certainty for business investment in the region.
The replacement for the North American Free Trade Agreement (NAFTA) launches under a cloud of disputes, with the United States considering new tariffs on Canadian aluminum and growing concerns over Mexico’s ability to meet new labor standards in the deal.