North American leaders vow to boost trade despite threats
Reuters
Published Jun 29, 2016 01:07PM ET
North American leaders vow to boost trade despite threats
By Roberta Rampton and David Ljunggren
OTTAWA (Reuters) - Canada, the United States and Mexico on Wednesday vowed to deepen their economic ties, pushing back against anti-free-trade sentiment that has shifted political debate in the United States and Europe.
The three nations are member of the North American Free Trade Agreement (NAFTA), which U.S. Republican presidential candidate Donald Trump has vowed to renegotiate or scrap if he wins power in November's election.
U.S. President Barack Obama, Prime Minister Justin Trudeau and President Enrique Pena Nieto, meeting at a "Three Amigos" summit in Ottawa, said an efficient North American economy was vital for creating good-paying, middle-class jobs.
"We will build upon this strong trilateral economic relationship, and further facilitate trade among our three countries, and improve the networks that allow us to produce products and services together," they said in a statement.
Trump says free trade has been disastrous, costing thousands of U.S. jobs and depressing wages.
Similar complaints were heard in Britain ahead of a surprise referendum vote last week to leave the European Union and its free trade area.
Trump also opposes the 12-nation Trans-Pacific Partnership, which was signed in February but may well not be ratified by the United States amid increasing domestic resistance. Obama said on Wednesday he was committed to ensuring the pact contained high labor and trade standards.
The Ottawa summit, Trudeau's first and Obama's last, could be the final harmonious one between the three countries if Trump wins the White House.
Pressed about Trump's remarks on NAFTA, a Canadian official said the three nations had generated almost 27 percent of the world's gross domestic product in 2015 while accounting for seven percent of the population.
One obstacle to free trade is the dumping of products at artificially low prices, and Trudeau, Obama and Pena Nieto said they agreed on the need for the governments of all major steel-making nations to address excess capacity.
Although they did not single out any particular country, the United States has acted several times to prevent dumping of some Chinese steel products.
The three are scheduled to hold a news conference at 3 p.m. (1900 GMT). The leaders usually meet about once a year.
The trio will also discuss Britain's vote to leave the EU, which wiped more than $2 trillion off global equity markets and dealt a huge blow to the EU.
"The president will obviously want an opportunity to discuss ... how we may be able to coordinate our efforts to insulate ourselves ...," U.S. National Security Council official Mark Feierstein told reporters on Tuesday.
Get The News You Want
The three have pledged to produce 50 percent of their nations' electricity from clean energy by 2025.
The North American countries plan initiatives including cutting power waste by aligning 10 appliance efficiency standards or test procedures by 2019, the White House said on Wednesday.
Obama is due to address the Canadian Parliament at 5.25 p.m. (2125 GMT).
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.