According to Reuters quoted two sources that directly understand Canada’s negotiating strategy, Canada is ready to allow US dairy products to “limited access” to the Canadian dairy market.
The Canadian dollar rose nearly 8% against the US dollar. Earlier, Reuters reported that Canada will allow the United States to discuss dairy issues at NAFTA.
From Tuesday, the United States and Canada resumed negotiations with the Nafta (North American Free Trade Agreement). According to Reuters quoted two sources that directly understand Canada’s negotiating strategy, Canada is ready to allow US dairy products to “limited access” to the country’s dairy market. As a “reward” of compromise, Canada hopes that the United States can make concessions and not remove the dispute settlement mechanism of Chapter 19 of the existing agreement.
US President Trump said at the White House on the same day that the US-Canada trade dialogue is progressing smoothly and Canada very much hopes to reach a trade agreement with the United States. The Canadian Foreign Minister Chrystia Freeland, who was in charge of the negotiations, said after the departure of the US Trade Representative Office that the negotiations between the two countries were “very strong,” but the atmosphere was friendly. Both sides “had a lot of thinking” on the weekend, which was a “very productive meeting.”
But she stressed that no conclusions have been reached. Canadian Prime Minister Trudeau also reiterated to reporters on Tuesday that there has been a long-standing negotiating view that a bad Nafta agreement for Canada is not as good.
One of the insiders who told Reuters broke the news that Canada realized that it needed to compromise on specific issues, and that Canada’s dairy market access concessions would be similar to the terms of the free trade agreement reached with the EU and Pacific Rim countries.
The United States is talking about Nafta’s three controversial topics. In addition to Canada’s protection of its dairy market, Canada also wants to retain trade dispute resolution mechanisms and cultural protection issues for Canadian media. The trade settlement mechanism will help Canada to question the US anti-dumping and countervailing investigations based on domestic laws; US farmers are also very dissatisfied with Canada’s “supply management system” for their dairy industry, which is considered to cut off the possibility of exporting dairy products to Canada.
The dollar fell 89 points against the Canadian dollar, falling more than 0.6%, refreshing the low since September 3 to 1.3075.
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