Mexico’s Customs Reform for Trade Facilitation
Mexico’s tax and customs reforms show the Mexican government’s strong commitment in boosting the country’s competitiveness, and improving its attractiveness for doing business. They also prove the country’s willingness to make North America the most prosperous and competitive region of the world and its determination to increase and facilitate trade with its world partners. Besides, these reforms will promote investment, and transparency, and the simplification of procedures related to foreign trade.
Mexico’s Services Economy
The services industry is one of the most dynamic sectors in the world economy, and Mexico is undoubtedly a case in point in this trend. Mexico has a vibrant service economy in which the service sector contributes with 62% of the GDP and employs 58% of its workforce. All sectors of the Mexican economy, including manufacturing and agriculture, depend on services.
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.
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.