The USMCA, Mexico`s Certainty Promise – Panel from the Mexico Business Summit

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The agreement lays the foundation for rethinking some aspects of Mexico’s foreign and domestic economic policy.

Mexican president Enrique Peña Nieto, as well as the business community gathered at the 16th edition of the Mexico Business Summit, described the free trade agreement between Mexico, the U.S. and Canada as a synonym for “certainty,” although initial expectations were not met.

The business community agreed on five fundamental points to help us be better prepared for the new trade landscape since “agreements do not solve problems by themselves.”

These are the five pending tasks in the new context of trade relations:

  • To analyze and define the type of relation Mexico wants to maintain with the U.S. and Canada, not only for an established process of trade renegotiation, but on an ongoing basis.
  • To bet on the diversification of bilateral or trilateral forms of economic cooperation, for example, through trusts for specific industries or joint funds for developing projects that would not be feasible otherwise.
  • The new rules are an opportunity to promote national investment and to boost the country’s competitiveness.
  • The agreement is a wake-up call to improve relations with North American investors, as well as with other countries with whom Mexico has trade relations.
  • Finally, considering this new context, Mexico must diversify its areas of specialization as well as seek opportunities for trading with other countries.

The new context in which Mexico, the U.S. and Canada now operate, lays out straightforward rules for what can and cannot be done when establishing trade operations involving these countries. It also represents an opportunity to fix internal issues, because otherwise, it will be difficult to make any progress. Mexico must work proactively to develop an agenda that lets it choose its own destiny.

About the Business Summit

Mexico Business Summit is an independent, nonpartisan platform that gathers political and business leaders, as well as opinion leaders and media personalities from Mexico and abroad, to discuss the future of the region within a global, changing context.

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Diego Garcia Cacho
@cumbrenegocios
since: 07/2011
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