MEXICO CITY (apro).– The Business Coordinating Council (CCE) called on the governments of the United States, Mexico and Canada to prioritize compliance with the obligations of the T-MEC, to be in a position to take full advantage of the benefits of relocation.
Through a statement, the organization headed by Francisco Cervantes Díaz pointed out that in a geopolitically complex context and given the historic opportunity offered by the phenomenon of relocation, or nearshoring, the Mexican private sector highlights the relevance of the T-MEC as a valuable framework law to generate certainty in investments and trade.
Likewise, he highlighted that it has mechanisms for compliance with commercial investment, labor and environmental obligations, as well as 19 committees and working groups that are in charge of following up on the commitments acquired.
The country’s business leadership recalled that since the entry into force of the agreement, the CCE has promoted various initiatives to promote and protect the T-MEC, endorsing its commitment to strengthen the commercial relationship between the three main economies of North America.
In fact, it established a permanent representative office in the United States with the aim of promoting the deepening of regional integration and contributing to the proper implementation of the treaty.
Promoted the participation of the private sector of the three countries in the 10th North American Leaders Summit at the beginning of 2023, which for the first time included a business component.
Likewise, the Council coordinates different business mechanisms such as the US-Mexico CEO Dialogue, led jointly with the United States Chamber of Commerce, to propose public policy recommendations to both governments.
On the other hand, he added, the Mexican Business Council (CMN) is leading an important strategy with the Business Council of Canada to deepen the bilateral trade relationship.
“Mexico is Canada’s third largest partner in merchandise trade (after the United States and China) and, only in 2022, Canada’s direct investment in our country was 3.78 billion dollars, positioning us as a market important and attractive for the exports and investments of the North American country”, he added.
The CCE made it clear that the United States and Canada represent a significant part of foreign direct investment in Mexico, with 42.5% and 4.8%, respectively.
“Every minute, merchandise is exchanged between member countries for around 3 million dollars and among the main products that our country exports within the framework of the T-MEC, the following stand out: computers and machines for data processing, cars and vehicles for transportation of merchandise, vehicle parts and accessories, as well as televisions and screens, among others,” he emphasized.
