💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Mexican labor bill nabs key Congress vote, spurred by Pelosi warning

Published 04/11/2019, 01:29 PM
Updated 04/11/2019, 01:30 PM
© Reuters. FILE PHOTO: Workers of assembly factories cross a street as they rush toward their shift at an industrial park in Reynosa

MEXICO CITY (Reuters) - The labor commission in Mexico's lower house has approved a workers' rights bill that U.S. House Speaker Nancy Pelosi considers key to winning over Democrats wary of a revamped trade pact to replace the North American Free Trade Agreement (NAFTA).

Pelosi last week called on Mexico to see through the legislation, saying U.S. lawmakers could not even take up the issue unless Mexico put new laws in place to protect workers.

Democratic lawmakers in Washington say the new U.S.-Mexico-Canada Agreement (USMCA) must ensure workers in Mexico have the right to organize, a step that would require new Mexican labor laws. They believe a major weakness of NAFTA was that it allowed Mexican wages to stagnate.

The workers' rights bill was approved by the labor commission in Mexico's lower house of Congress with 19 votes on Wednesday. One legislator voted against it while another abstained. It was scheduled for a vote in the full house Thursday and could land in the Senate as soon as next week.

After Pelosi's comments, Mexican President Andres Manuel Lopez Obrador said he does want to give the United States any motive to reopen negotiations of the pact, which wound up last year.

© Reuters. FILE PHOTO: Workers of assembly factories cross a street as they rush toward their shift at an industrial park in Reynosa

"It is in our benefit to have this treaty, and for there to be no excuse for opening up negotiations again," he said in a regular news briefing Thursday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.