The conversations prior to the review of the TMEC have reached 90% progress, stated the Secretary of Economy, Marcelo Ebrard, according to a report from the Quadratín México agency.
He added that various proposals were presented to the United States regarding steel and aluminum and responses are pending.
Although he was optimistic about the progress of the USMCA, he emphasized that the country is prepared to face any setback in this review process.
After a meeting with the Political Coordination Board (Jucopo) of San Lázaro, the secretary highlighted the growth in foreign direct investment, with a portfolio of 1,776 projects, which represents around 297 billion dollars and includes innovative developments in artificial intelligence.
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Ebrard confirmed that he will represent Mexico at the annual summit of the Asia-Pacific Economic Cooperation Forum in South Korea on October 29 and 30, within the framework of the trade tensions unleashed by the United States and the boost to Mexican national production, which includes possible tariff increases on imports from Asian countries.
“Next week I will be in APEC, we have to travel to South Korea, the meetings will be there,” he told reporters.
Ebrard’s trip occurs at a time of complex relations such as Asia, since Mexico is promoting in Congress a package of tariff increases of up to 50% on various imported products, mainly from Asia, including electric vehicles from China.
The secretary has insisted that the initiative seeks to “protect the national industry against dumping practices” and will apply exclusively to countries with which Mexico does not have trade agreements, such as China, South Korea, India, Indonesia, Russia, Thailand and Turkey.
The proposal has been criticized from Beijing and it has been pointed out that it could respond to pressure from Washington on Mexico City before the start of the USMCA review, something that the Mexican authorities have rejected.
APEC is made up of: Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, United States and Vietnam.
With information from EFE
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