New Federal Competition Law Adopted in Mexico to Improve Competiveness
One of the key goals of President Enrique Peña Nieto is to increase the competitiveness of the Mexican economy and thus to generate high economic growth and more and better jobs. An important mechanism to achieve these goals is a modern and effective economic competition legal framework. With this in mind the Mexican Congress approved on April 29, 2014, the new Federal Law of Economic Competition replacing the preceding law on the subject that dates back to 1992. This new law came into force on July 7, 2014.
The Expansion of Industrial Parks Supports Mexico’s Growth
By opening markets, Mexico has consolidated its position as a strategic manufacturing center and a global trade hub in the last two decades. Nowadays Mexico is increasingly demanding high quality industrial real estate across the country to place new export capacity.
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Mexico’s Comprehensive Financial Reform: For Inclusive Development
On January 10, 2014, Mexico’s President Enrique Peña Nieto implemented a significant multi-layered financial reform, amending a number of federal laws with the aim of boosting Mexico’s economic growth by increasing the availability and quality of financing in the country while strengthening the banking system’s institutional framework.
Mexico’s Livestock: Rising as a Global Producer
Mexico has become a globally competitive livestock producer, having all the essential elements needed to respond to the increasing worldwide demand for high quality products, and to attract investments along its supply chain.
Energy Reform: Powering Mexico’s Economy
On December 20, 2013, President Peña Nieto signed into law a landmark energy bill approved by the Mexican Congress. The Energy Reform amended articles 25, 27 and 28 of the Mexican Constitution with the aim to transform the country’s energy sector by opening up oil, gas, and electric energy generation to private investment and setting the general framework to provide the legal certainty required to power Mexico’s economy. On April 30, 2014, President Peña Nieto introduced to Mexico’s Congress nine new bills, as well as amendments to several existing laws, to implement the constitutional energy reform.
Mexico’s Automotive Industry: an Engine for Growth
Since the implementation of NAFTA, the automotive industry in the North American region has significantly grown and is now highly integrated, transforming its structure into an increasingly export oriented regional sector. The three NAFTA partners together exported over $134 billion in vehicles in 2013, an increase of 106% with respect to 2001.
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.
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.