IMF defends NAFTA Re-negotiations

IMF today defended the ongoing NAFTA negotiations with its chief Christine Lagarde arguing that any trade deal that is two decades-old needs to be revised and reviewed.

Lagarde told reporters at a news conference in Washington that a trade agreement which has been in existence for 20 years now, should be considered given the changes that have affected the markets in the last two decades. He said trade agreements should be revised from time to time. However, Lagarde said, the aim should not be to just accelerate the movement.

NAFTA is an agreement signed by Canada, Mexico and the US to create a trilateral trade bloc in North America. The current negotiations were necessitated after Trump threatened to pull out from the agreement if the renegotiations did not take place.

Meanwhile, Mexican President Enrique Pena Nieto and Canadian Prime Minister Justin Trudeau have reaffirmed their commitment to a trilateral renegotiation of the North American Free Trade Agreement.

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