US-Mexico Economic Relations

US-Mexico Economic Relation

March 2014 – US – Mexico Trade Reaches New High

US – Mexico Trade Reaches New High

The trade relationship between Mexico and the United States demonstrated another solid performance as products traded between both countries set a new historical record at $506 billion in 2013. Over the 20 years of NAFTA, trade between Mexico and the U.S. has more than sextupled, growing nearly 10% annually.

2014 North American Leader’s Summit: Working Together for a Brighter Future

On February 19, 2014, Mexican President Enrique Peña Nieto, U.S President Barack Obama and Canadian Prime Minister Stephen Harper met in Toluca, Mexico, for the North American Leader’s Summit. In order to successfully face the economic challenges of the 21st century, the three leaders reiterated the importance of closer collaboration, increasing economic competitiveness for the North American region, and enhancing trade among the NAFTA partners. Read more

January 2014 – Mexico’s Tax and Social Security Reform Approved

Mexico’s Tax and Social Security Reform Approved

On October 31st, 2013, the legislative process for a new tax reform culminated with its approval by the two chambers of the Mexican Congress after intense negotiations began when Enrique Peña Nieto, President of Mexico, submitted its tax overhaul proposal for congressional consideration on September 8th. The tax reform has the goals of strengthening the capacity of the Mexican state to provide a better response to the needs of the population, and enhancing the country’s macroeconomic stability.

U.S.-Mexico High Level Economic Dialogue

The United States and Mexico are both critical economic partners and strategic allies. In this regard, in May 2013 President Obama and President Peña Nieto announced the establishment of the High Level Economic Dialogue to advance strategic economic and commercial priorities central to promoting mutual economic growth, job creation, and global competitiveness. Read more

November 2013 – Mexico Deepens Trade Integration with Panama

Mexico Deepens Trade Integration with Panama

This past May, the leaders of Mexico and Panama decided to strengthen bilateral economic relations with the negotiation of a free trade agreement (FTA). The agreement will allow Mexico to deepen its trade and economic integration with Panama and Central America by promoting greater reciprocal investment flows and at the same time fostering the diversification of Mexican exports.

The Blossoming Fruit Industry in Mexico

Since the North American Free Trade Agreement (NAFTA) came into effect, Mexico’s agricultural industry has undergone an important transformation that has taken it from an economy with domestically consumed agricultural products, to one with a free market where agricultural goods, such as fruits, are successfully exported globally. Read more

October 2013 – Mexico Sets Record-Breaking Investment Inflows

Mexico Sets Record-Breaking Investment Inflows

Mexico’s attractiveness as an investment destination is increasingly rapidly, with solid expectations of long-term economic growth driving foreign direct investment (FDI) flows into the country’s wide range of globally competitive economic sectors. In the first half of 2013, Mexico received $23.8 billion in FDI, 2.5 times higher than the same period in 2012, setting record-breaking investment inflows.

The Mexican Footwear Industry Provides Shoes for the World

Mexico’s footwear industry has been undergoing major changes over the last decade. The new challenges of a highly competitive global market are setting the bar quite high for a large number of companies in the sector. In this regard, new innovation projects are being developed in Mexico. And these efforts are paying-off; Mexico is currently ranked number 8 in global footwear production. Read more

September 2013 – Mexico Reinforces its Commitment with Climate Change Agenda

Mexico Reinforces its Commitment with Climate Change Agenda

On June 3, 2013, Mexico issued a new National Climate Change Strategy aimed at transitioning toward a competitive, sustainable and low carbon emissions economy. The strategy details the lines of action to be implemented at the three levels of government in order to combat and mitigate climate change-related effects in the country in the long-term.

Mexico’s Tech Services Industry is a Global Player

The Mexican IT industry is rising as the most important tech services provider to the U.S. and Canada, in large part, due to its geographical proximity, strong intellectual property protection, human capabilities and NAFTA market access certainty. Read more

August 2013 – Mexico’s Infrastructure Strategy: Opening Investment Opportunities

Mexico’s Infrastructure Strategy: Opening Investment Opportunities

On July 15, 2013, Mexican President Enrique Peña Nieto announced a six-year plan to invest over $300 billion dollars in infrastructure with public and private funds in the transport, telecommunications, water and energy sectors.

The Electrical Manufacturing Industry in Mexico

The electrical manufacturing sector is becoming increasingly important to the Mexican economy. Prospects of further growth bring companies and other stakeholders in Mexico together to cooperate on harmonized standards to expand production and facilitate trade. Read more

July 2013 – Mexico’s National Development Plan 2013-2018: Bring Mexico to its Full Potential

Mexico’s National Development Plan 2013-2018: Bring Mexico to its Full Potential

On May 20th, 2013, President Enrique Peña Nieto of Mexico released the National Development Plan 2013-2018 which establishes the current Administration goals and policy actions for the country. The policy guidelines are aimed at boosting Mexico’s economic growth and social development.

Mexico Improves Ranking in Global Competitiveness

Mexico improved its ranking in the International Institute for Management and Development (IMD) study on global competitiveness, climbing 5 spots from number 37 in 2012 to number 32 in 2013. Read more

June 2013 – Mexico’s Telecommunications Sector Reform

Mexico’s Telecommunications Sector Reform

The Telecommunication services is one of the most dynamic economic sectors in Mexico. In order to increase its efficiency, coverage and growth, the Mexican Congress approved constitutional amendments to the sector’s legal framework.

New High-Impact of Cloud Technology in Mexico

Cloud computing is currently one of the most transformative technologies with a significant economic potential for global competitiveness due to its cost-saving platform. In the case of Mexico, these savings are estimated to be equivalent to 0.31% of GDP. Read more

May 2013 – The Mexican Auto Parts Industry is Moving at a High Speed

The Mexican Auto Parts Industry is Moving at a High Speed

In 2012, the Mexican auto parts industry became the 5th largest in the world, surpassing South Korea and just behind China, Japan, Germany and the United States. Last year, Mexico’s auto parts production reached a historical high at $75 billion after experiencing an outstanding growth of 88% since 2009.

Data Protection in Mexico: New Guidelines and Enforcement

Data protection is undoubtedly becoming a top requirement in order to establish the necessary level of certainty that is essential for investment and trade to flourish. To address this rapidly evolving demand, Mexico has been taking decisive steps by adopting higher data protection standards and strengthening institutions that ensure their enforcement. Read more

April 2013 – Border Infrastructure’s Key Role in Expanding U.S.-Mexico Trade

Border Infrastructure’s Key Role in Expanding U.S.-Mexico Trade

The increased usage of cross-border production lines has resulted in a very unique trading relationship between the U.S. and Mexico, where working to establish a trade facilitating border infrastructure is now crucial to successfully competing in the global market.

Consumer Products from Mexico are Reliable and Safe

The U.S. consumer goods market is the largest in the world, and Mexico is one of the largest suppliers. This shows that Mexico is providing the quality and safety that US consumers demand. Read more

March 2013- U.S.-Mexico Trade Reached New Highs

U.S.-Mexico Trade Reached New Highs

The trade relationship between Mexico and the United States demonstrated another solid performance as products traded between both countries set a new record at $494 billion in 2012.  Over the 19 years of NAFTA, bilateral trade has sextupled, growing 10% annually.

SAT and CBP Signed a Mutual Recognition of Authorized Economic Operator Programs

On January 17th, the Mexican Tax Authority Service (SAT), and the U.S. Custom and Border Protection (CBP) signed a Plan of Action toward the mutual recognition between the Mexican New Certified Companies (NEEC), and the U.S. Customs-Trade Partnership against Terrorism (C-TPAT). Read more

February 2013 – The U.S. Expands its Business Facilitation Program in Mexico

The U.S. Expands its Business Facilitation Program in Mexico

The United States has expanded its Business Facilitation Program in Mexico to allow access to expedited visa processing for employees of qualifying companies traveling to the U.S. on company business.

Mexico’s Plastics Industry is Molding its Growth

The Mexican plastics industry is increasingly engaged in open markets to expand business opportunities and improve their competitiveness globally. This approach can only be beneficial to the Mexican economy, since more investment means more jobs and a more prosperous country. Read more