Commerce Sec Wilbur Ross aims to start formal NAFTA renegotiation process

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Commerce Secretary Wilbur Ross said he hopes to start the formal process of renegotiating the NAFTA, soon. "We are now in the very early stages" of having the talks to change NAFTA, he said in a joint press conference with Ildefonso Guajardo Villarreal, Mexico's economic minister. The administration has suggested it will try to seek bilateral trade deals rather than those with several nations. Ross said a revised NAFTA will either be two bilateral agreements with Mexico and Canada with "symmetrical provisions" or "one new" deal among the three countries. "NAFTA is a trilateral agreement and it would make a lot of sense to have trilateral discussions," Guajardo said. He added that Mexico will be ready to start negotiations by the end of May. Ross said the deal "needs an update" and has not necessarily adapted to changes in the three nations' economies.