Mexico U.S. trade partnership, still without ratification of the T-MEC
"When I was young in the 1970s and 1980s the Mexican economy was closed and Mexico has become America's number one trading partner this year. It's really incredible," he said during the 17th edition of the Mexico Business Summit.
According to data from the Department of Commerce of that country, in August Mexico accumulated eight months as the main trading partner of the United States. Between January and that month, total trade between the two nations was $441,208 billion dollars, an amount that exceeded the exchange that the United States has with Canada and China.
There are many opportunities to increase trade and investment in the Mexican market. "The United States has investors interested in the country," said the diplomat.
The great challenge in trade currently is to promote the ratification of the Treaty Mexico, the United States and Canada (T-MEC) by U.S. congressmen.
"As a U.S. administration we are working with the congressmen, our secretary and the person in charge of commercial affairs is in continuous contact with the Democrats and Republicans," said the lawyer.
The administration of Donald Trump is trying to do everything it can to ensure the ratification of the TMEC, an agreement that will be a win-win for all markets, said the diplomat to Mexican businessmen and officials.
Jesus Seade, the undersecretary for North America of the Ministry of Foreign Affairs (SRE), said there will be a digital wall to curb migration, as well as trade integration, investment, cultural and even sports.
"For the average citizen of the United States and Mexico, North America is a geographic region. For example, Mexicans watch U.S. movies and music; in the United States there is no city or town that does not have an excellent Mexican restaurant or that does not eat tacos," the official said.
The economist said the integration will go as far as baseball, because the idea is that there will be two Mexican teams in the major leagues.
Valentín Díez Morodo, president of the Mexican Business Council for Foreign Trade, Investment, and Technology (Comce), asked Mexican companies to turn to Latin America and Europe.
"Until the T-MEC is approved, we don't know where the ball is, but we are confident that it can be fulfilled (its ratification) to continue consolidating Mexico's position (before the world)," said the businessman and owner of the Toluca Football Club.
The Mexican Institute for Competitiveness (IMCO) asked Mexican businessmen to diversify their businesses, as well as see other markets such as the European Union and other Latin American countries.
"International trade is being transformed, and we must improve the situation of NAFTA, be proactive and be winners in an environment with factors in our favor, such as proximity to complementary markets, which constitutes a market valuation," he said.
Geographical diversification of exports should be a priority with the European Union, the second-largest market in the world, he added.
"We must improve the situation we are living under NAFTA (North American Free Trade Agreement), we must be proactive in an environment in which we have many factors in our favor. In addition to the ratification of the T-MEC (Treaty between Mexico, the United States, and Canada), we must analyze in-depth the relationship with the rest of the markets, as a priority the European Union," added the architect of the expansion of Corona beer around the world during the panel What does the new panorama of international trade mean for the economy of Mexico?
By Mexicanist Source Agencies