Mexico’s Senate took the lead on Wednesday by ratifying a trade deal with the U.S. and Canada by a large margin.
The U.S.-Mexico-Canada Agreement (USMCA) – which was designed as a substitute for the North American Free Trade Agreement (NAFTA) – sailed through the country’s upper chamber with a vote of 114 to four, with three abstentions, The Associated Press reported.
So far, Mexico’s government is the only one of the three countries to sign off on the treaty.
Following word of the ratification, Mexican President Andrés Manuel López Obrador hailed the result as "very good news," according to The Associated Press.
"It means foreign investment in Mexico, it means jobs in Mexico, it means guaranteeing trade of the merchandise that we produce in the United States," he said in a recorded message.
President Trump, who along with members of the administration have previously condemned NAFTA as “the worst trade deal” in U.S. history, signed the USMCA with Mexican and Canadian officials in November.
Over the weekend, White House trade adviser Peter Navarro said the administration is hoping to lay the groundwork for congressional approval of the new trade agreement this summer.
“We’re hoping to get implementing legislation onto the floor of the House and the Senate this summer. That’s what we’re targeting,” Navarro told “Sunday Morning Futures,” adding that he believes the deal will pass.
FOX Business’ Matthew Kazin and The Associated Press contributed to this report.