The Financial Post reports in its Friday edition that new automotive rules will be the centrepiece of a new North American free-trade agreement, Foreign Affairs Minister Chrystia Freeland said Thursday during negotiations she described as being focused on cars.
A Bloomberg dispatch to the Post reports that Ms. Freeland said she and her peers are now down to the finest details on auto rules of origin.
She said: "(This) really is the heart of this negotiation. I believe very strongly, and I think this is a view shared by the two other countries, that rules of origin for autos, the highly integrated automotive sector, is really at the heart of the NAFTA negotiation.
If we can get that right, that will be the core of a successful agreement."
Officials from Mexico and the U.S. are saying a new deal is likely within weeks, although Ms. Freeland would not be pinned down on a timeline. She said she is just working for the best deal possible, which benefits all three countries, cuts red tape and encourages innovation.
Unnamed sources say the new auto rules will result in a modest increase in the required content from North America, slightly favouring firms that invest in research and pay higher wages.
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