Mexico says NAFTA deal unlikely this week, signing possible this year

Current NAFTA is a

UPDATE 1-Mexico says NAFTA deal unlikely this week, signing possible this year

The United States will hold midterm elections in November and a new Congress will first sit in January. He has also said he would respect any NAFTA agreements made before the election if he becomes president.

Mexico's chief trade negotiator says he doesn't think talks on the North American Free Trade Agreement (NAFTA) will end before a Thursday deadline, making it unlikely the current Congress will vote on a new agreement.

The economy secretary, who said last month that there was an 80% chance that a new agreement would be struck in the first week of May, now believes that there are "different moments to close the negotiation".

Mexico wants to reach an agreement before its presidential election on Sunday, July 1.

Canadian Prime Minister Justin Trudeau and U.S. President Donald Trump on Monday discussed the possibility of bringing NAFTA talks to a "prompt conclusion".

Don't expect a NAFTA deal by this week's supposed target date.

Guajardo said he will continue in the negotiations but expressed discontent about the USA request for the agreement to be renewed every five years, the Journal reported.

The talks saw the closure of three additional chapters: Good Regulatory Practices, Administration and Publication, and Sanitary and Phytosanitary Measures, but in order to complete NAFTA 2.0, negotiators will need agreement on roughly 30 chapters. "The problem is there needs to be flexibility from the parties", Guajardo said.

However, U.S. demands for a so-called sunset clause that would see NAFTA automatically expire if the agreement is not renegotiated every five years as well as the elimination of settlement panels for trade disputes remain sticking points.

Now, the US Trade Representative says the most recent negotiations have covered a large number of "very complex issues", especially those objectives outlined by Congress as part of the bipartisan Trade Promotion Authority such as intellectual property, dairy and agriculture, de minimis levels, energy, labour and more.

Kenneth Smith, the head of Mexico's technical negotiating team, reiterated in a radio interview that from Mexico's perspective there are no fixed deadlines it is working towards.

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