Canada ‘positive’ on NAFTA, Mexico says deal possible by end-May

Canadian Prime Minister Justin Trudeau. (AFP)
Updated 17 May 2018

Canada ‘positive’ on NAFTA, Mexico says deal possible by end-May

  • There is a good deal on the table: Trudeau

NEW YORK/MEXICO: Canadian Prime Minister Justin Trudeau on Thursday said he felt “positive” about talks to rework the NAFTA trade pact, while a top Mexican official held out hope a deal could be hammered out by the end of May.
US officials say the negotiations need to wrap up very soon to give the current Congress time to vote on a final text for a revamped North American Free Trade Agreement.
“To be honest, we are down to a point where there is a good deal on the table,” Trudeau told the Economic Club of New York, saying top Canadian officials were in Washington for talks on how to advance the negotiations.
“It’s right down to the last conversations ... I’m feeling positive about this, but it won’t be done until it’s done.”
Canadian Foreign Minister Chrystia Freeland was due to travel to the US capital later on Thursday for internal meetings and talks with key stakeholders, said a spokesman.
A Mexican technical negotiating team is in Washington but there is no date set for the next NAFTA ministerial meeting with the United States and Canada.
Mexico’s Economy Minister Ildefonso Guajardo said a deal could be reached by the end of May, but added that if no agreement is reached the talks could extend beyond the July 1 Mexican presidential election.
For that to happen, though, the United States and Mexico would have to end what officials say is deadlock over US demands to raise wages in the auto sector and boost the North American content of cars made in the three NAFTA nations.
Critics complain the move is a clear swipe at Mexico, which US President Donald Trump says added low-wage manufacturing jobs at American expense after NAFTA was signed in 1994.
“Any renegotiated NAFTA that implies losses of existing Mexican jobs is unacceptable,” Guajardo said in a tweet.
Under the Trade Promotion Authority statute that would allow a simple yes or no vote on NAFTA, Trump must notify Congress 90 days before he can sign the agreement. The US International Trade Commission then has up to 105 days after the signing to produce a study on the effects of the agreement.
US House Speaker Paul Ryan had said that the Republican-controlled Congress would need to be notified of a new deal by Thursday to give lawmakers a chance to approve it before a newly elected Congress takes over in January.
Ryan, asked on Thursday whether there was any wiggle room in the NAFTA approval timeline for Congress, said “the wiggle room would be at the ITC.”
He added: “My guess is there is probably some wiggle room at the ITC for what it takes for their part of the process but not an indefinite amount and that means time is really of the essence.”


Saudi Aramco iktva forum kicks off in Dhahran

Updated 2 min 23 sec ago

Saudi Aramco iktva forum kicks off in Dhahran

  • Iktva has become one of the Kingdom’s most important and strategic programs focused on developing the energy sector and creating a world-class supply chain
  • The program aims to reach 70 percent local content, increase exports of Saudi-made energy goods and services, and create thousands of jobs

DHAHRAN: Saudi Aramco’s 5th annual iktva (In-Kingdom Total Value Add) forum kicked off on Monday at the Dhahran Expo center, with over 70 exhibitors, 14 government entities, and 8 international energy partners all present at the mega-event.

Iktva was launched by Saudi Aramco in 2015 to drive increased levels of localization in its supply chain. 

Amin Nasser, President and CEO of Aramco, highlighted the success of the event and how the forum has contributed to the kingdom’s reputation internationally and locally.

“The iktva Forum and Exhibition 2020 represents an ideal opportunity to continue to build on the enormous progress which has already been made in creating an integrated supply chain for the oil field service industry, serving not just the Kingdom but the entire region. As you know, we take great pride in our low-cost production, and our reputation for reliability. A first-class supply chain is a critical factor that makes both possible,” he said.

He also indicated that the success of the event could be seen in the numbers.

“For the first time, the majority of our procurement is from in-kingdom: 56 percent to be exact. Our suppliers have tripled their local purchases of goods and services, their employment of Saudis is up 50 percent, and female employment has increased by almost a third. Our suppliers are exporting 50 percent more from the kingdom, because of iktva,”

Aramco signed 66 initial agreements and strategic and commercial collaborations valued at more than $21 billion with international partner companies and entities from 11 countries in several industrial and business sectors across the Saudi Arabian energy sector.

In addition, a joint venture agreement with Baker Hughes was also signed. The joint venture will be a multi-sectorial non-metallic investment platform designed to innovate, develop and manufacture composite materials for both oil and gas as well as non-oil and gas applications.

The venture will leverage polymer materials and state-of-the-art manufacturing processes to deliver transformational non-metallic products, starting with reinforced thermoplastic pipes. The JV facility will be located at the King Salman Energy Park (SPARK), and will serve the MENA region. 

Launched in 2015, iktva has become one of the Kingdom’s most important and strategic programs focused on developing the energy sector and creating of a world-class supply chain. The program aims to reach 70 percent local content, increase exports of Saudi-made energy goods and services, and create thousands of technical and professional jobs and careers.