November 22, 2017 / 1:36 AM / 24 days ago

Mexico to counter U.S. NAFTA auto content proposal-minister

MEXICO CITY, Nov 21 (Reuters) - Mexico’s Economy Minister Ildefonso Guajardo on Tuesday said his government would put forward a counterproposal to a key U.S. demand in negotiations to rework the NAFTA trade deal once it has properly understood the proposition.

Mexico and Canada have rejected a U.S. proposal to raise the minimum threshold for autos to 85 percent North American content from 62.5 percent, as well as to require that half of vehicle content comes from the United States. The North American auto industry also has major reservations about the U.S. demand.

The demand caused friction at the fifth round of talks to overhaul the North American Free Trade Agreement (NAFTA) this week, and Guajardo said Mexico had spent much time trying to get the United States to explain what the proposal rested on.

“Once understood, it will obviously generate a counterproposal from us,” Guajardo told reporters. (Reporting by Adriana Barrera)

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