The Mexican Senate on Wednesday approved the United States-Mexico-Canada Agreement (USMCA), marking the first country to ratify the updated trade agreement.
The US, Canada and Mexico reached a deal to replace the existing North American Free Trade Agreement in November, but legislators in Canada and Mexico must approve a final agreement.
US steelmakers have voiced their support for the updated trade agreement, particularly changes made related to the creation of new rules of origin and origin procedures, including product-specific rules for passenger vehicles, light trucks and auto parts.
"I congratulate the Mexican Senate for voting overwhelmingly to ratify USMCA this afternoon," Rep. Kevin Brady, chairman of the House Ways and Means Committee, said in a statement.
"Today's action, combined with passage of Mexico's landmark labor legislation earlier this spring, demonstrate Mexico's solid commitment to serious reform and tough new rules to create fairer trade. Now it's time for the US Congress to pass USMCA as soon as possible to unlock the benefits of this agreement for US workers and our local businesses."
