US, Canada, Mexican carmakers agree upon not changing Nafta’s rule of origin | business-news | Hindustan Times
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US, Canada, Mexican carmakers agree upon not changing Nafta’s rule of origin

Under the trade deal between the United States, Mexico and Canada, rules of origin stipulate that products must meet minimum regional, or Nafta-wide, content requirements to be tariff-free.

business Updated: May 23, 2017 13:37 IST
Nafta
The logo of the Mexican Automotive Industry Association (AMIA) is seen on a folder in the design of a car at their office in Mexico City, Mexico May 22, 2017.(Reuters)

The auto industries of the United States, Canada and Mexico agree there should be no changes to rules of origin in the North American Free Trade Agreement (Nafta), the president of the Mexican automakers’ association said on Monday.

Under the trade deal between the United States, Mexico and Canada, rules of origin stipulate that products must meet minimum regional, or Nafta-wide, content requirements to be tariff-free.

“Our position is that the trade agreement has been a success, and we shouldn’t be touching something as important as the rules of origin,” Eduardo Solis, president of Mexican automakers’ industry group AMIA, told Reuters in an interview.

The auto industries in the three countries have a “shared position” on rules of origin and access to markets, said Solis.