UPDATE 1-Mexico looking to address US dependence concerns in USMCA talks, Ebrard says

Adds detail from press conference

- Mexico's Economy Minister Marcelo Ebrard said on Wednesday his government is looking to address U.S. concerns on dependence on foreign trade after Washington opted not to extend the USMCA trade pact between the two countries and Canada.

The decision, revealed after a six-year review of the U.S.-Mexico-Canada Agreement, keeps the agreement in place for another 10 years with annual reviews before it expires, unless the three countries agree to renew it with changes.

  • "There is no difference that I can identify between Mexico, the United States and Canada that is so big that we cannot resolve it," Ebrard told a press conference.

  • Ebrard said Mexico wants to address issues the U.S. raised on foreign dependence, particularly concerning the loss of manufacturing jobs and trade deficit with its partner countries.

  • He said Mexico had called on the U.S. to reduce use of Section 232, a mechanism which allowed the U.S. to apply tariffs on steel and aluminum imports.

  • Other issues Mexico does not agree on include complex and extensive rules of origin regarding Mexico's auto and auto part exports, and seasonal duties on agricultural trade.

  • "We haven't gotten there yet on rules of origin," he added. "These are issues we need to discuss because our starting point is that we have the most stringent and complex rules of origin in the world."

  • Ebrard noted that protecting Mexico's auto sector was a key point of discussion.

  • How Canada is involved in the talks will have to be seen in the coming weeks, he added, noting the two countries do not have any pending trade issues themselves.