The US, Mexico and Canada agreement, also known as the USMCA deal, is unlikely to be ratified by all three countries this year, Cesar Jimenez, CEO at Ternium Mexico, said during an industry event, according to media reports.
Mexico was the first and only country thus far to ratify the deal in June 2019. Canada is expected to ratify the deal in October this year, a media report noted.
“There’s a small window for (the deal) to be solved this year,” said Jimenez. “I’ve heard chances for the (USMCA deal to be ratified) was about 60 percent. Hope that’s right,” he said during the Mexican Foreign Trade Conference.
Jimenez said he wasn’t that optimistic that the agreement would be ratified this year. He said that the agreement isn’t only economic, it’s also a political one.
“When you mix politics it isn’t so easy to make decisions,” the executive said.