'New North American trade deal will attract foreign investments for our country,' says Mexico's president

Mexico's President Lopez Obrador said on Wednesday that a modernized U.S.-Mexico-Canada trade pact will attract foreign investment to his country and will allow the Mexican economy to recover amid the recession. A modernized trade pact took effect on Wednesday. During his annual speech to mark the anniversary of his second term, Lopez Obrador said the pact would create new jobs in his country.

The coronavirus pandemic has hit Mexico hard, and forecasters expect the economy to reduce in size by 10% or more this year. Millions of people have lost their jobs and his response to the crisis has drawn criticism. Still, Lopez Obrador added he is satisfied with his administration's work and felt optimistic for the future.