With NAFTA renegotiations set to begin next month the United States has played its first card, setting out a list of what they are looking for in a new deal with Canada and Mexico.
Baker McKenzie Partner Peter MacKay joined Bloomberg TV Canada’s Lily Jamali on Tuesday to share his thoughts on how the list of priorities set out by Donald Trump’s administration could affect negotiations.
“We (now) have certainty. We know what the rules of engagement in this important negotiation will be,” Peter said. “The overall tone is that this is about modernization and the key word is ‘fairness.’ I think fairness from the US administration means eliminating deficits with other countries and ensuring that US companies are going to have perhaps greater access to Canadian markets.”
Peter also weighed in on the US wanting to remove the long-standing bi-national dispute resolution panels from any new agreement.
“That is of concern, no question,” he said. “That dispute resolution mechanism, with respect to the arbitration outcomes, has had quite favourable results for Canada in our history. There has to be something in its place if it’s not going to be this bi-national board.”
Peter was a Member of Parliament in Canada for more than 18 years before joining Baker McKenzie’s Toronto office in 2016. He is the former Canadian Attorney General and Minister of Justice, Minister of National Defence, and Minister of Foreign Affairs.
Along with upcoming NAFTA talks, Peter also touched on Canada’s heavy reliance on trade with the US and whether that could lead to future trade agreements between Canada and other major world players, such as China.
Follow the link below for the full video interview:
Partner Peter MacKay discusses upcoming NAFTA talks with Bloomberg TV Canada
