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Mexico raises minimum wage after NAFTA talks conclude without agreement

Mexican President Enrique Peña Nieto said the country will raise its minimum wage 10% to the equivalent of $4.71 per day from December, a move that comes after the fifth round of NAFTA talks concluded Nov. 21.

The latest round of NAFTA talks concluded without an agreement. The talks stalled after Mexico and Canada rejected U.S. demands that the minimum threshold for North American content in vehicles be increased to 85% from 62.5% and that half of that content should come from the U.S.

The U.S. and Canada have said poor work conditions in Mexico allow it to benefit disproportionately from the trade pact, Reuters reported.