By Steve Horn
While the oil and gas industry has lauded the new trade deal that may soon replace the North American Free Trade Agreement (NAFTA), a provision added by Mexico, along with its new president's plan to ban fracking, could complicate the industry's rising ambitions there.
The new agreement, known as the United States–Mexico–Canada Agreement (USMCA), has faced criticism as being tantamount to NAFTA 2.0—more of a minor reboot that primarily benefits Wall Street investors and large corporations, including oil and gas companies.
The deal, which still has to be approved by the legislative bodies of all three countries, is a replacement for the North American Free Trade Agreement (NAFTA), which U.S. President Donald Trump had vowed to renegotiate or scrap altogether during his campaign.
By Shiney Varghese
As the sixth round of the negotiations on North American Free Trade Agreement begin next week in Montreal, Canada, the controversy over exactly what a new agreement might involve—if there is one at all—continues to generate debate.
As the NAFTA renegotiations were about to start, the Canadian government publicly stated its core objectives for a renewed North American Free Trade Agreement.
The Trump administration released its objectives Monday for renegotiating the North American Free Trade Agreement (NAFTA). The objectives suggest a repeat of labor and environmental provisions from the Trans-Pacific Partnership (TPP)—a deal whose demise Donald Trump widely took credit for—that were deemed too weak by virtually all leading labor and environmental groups. On other critical questions, the ostensibly "detailed" negotiating objectives provide no details, such as whether corporations will continue to be able to use NAFTA to sue governments over environmental protections in unaccountable tribunals of corporate lawyers.
The Trump administration notified Congress Thursday of its intent to renegotiate the North American Free Trade Agreement (NAFTA) with Canada and Mexico. Throughout his candidacy, Trump proclaimed he would "announce" plans to "totally renegotiate" NAFTA on "day one" of his presidency. Today is the 119th day of his presidency.