With or without T-MEC, Mexico will attract investments of $5 billion U.S. dollars

The uncertainty surrounding the ratification of the T-MEC in the United States does not inhibit investments in Mexico in 2019, on the contrary, they remain at the same pace as last year, said Jorge Torres, president of the American Chamber of Commerce of Mexico (AmCham).

American Chamber President Jorge Torres is confident that the U.S. Congress will ratify the NAFTA replacement this year.
American Chamber President Jorge Torres is confident that the U.S. Congress will ratify the NAFTA replacement this year.

"I share that last year, in 2018, we made investments of $5 billion dollars in the country. The commitment of AmCham companies is that in this year 2019 that same pace of investment is maintained," he said in an interview.

The also president of FedEx in Mexico said he is confident that the T-MEC will be ratified in the U.S. next month but if that does not happen, he assures that the current North American Free Trade Agreement (NAFTA) should give certainty to investors.

"We believe there is a window of possibility that there will be ratification by the U.S. Congress and the Canadian Parliament in November, and that is the kind of issue that we are not only seeing how it happens, but contributing to this ratification," he said.

"We are attentive to this process; however, that does not mean that it inhibits the commitment of companies".

Torres is not the only one who has been optimistic about the early ratification of the T-MEC. As part of the Business Summit, Mexico's undersecretary for North America, Jesus Seade, said he is confident that this ratification will occur in November.

Seade said it is a decision that must be made by Democrat and Speaker of the U.S. House of Representatives, Nancy Pelosi. So far, Mexico's Congress has been the only one to approve the T-MEC, since the United States and Canada are missing.

AmCham was founded in 1917 and is charged with promoting business between the United States and Mexico; it currently has 1,400 U.S. companies doing business in the country.

By Mexicanist Source: Agencies