Foreign trade, supported by the Treaty of Mexico, the United States and Canada (T-MEC), along with the strength of foreign direct investment (FDI) have been essential parts of the country’s economic revitalization after the effects of the COVID-19 pandemic, according to information in President Andres’ third government report. Manuel Lopez Obrador.
The Government of Mexico has continued to promote international trade and attract foreign investment based on the axes of diversification, inclusion and innovation. The measures were aimed at strengthening economic relations with various regions and countries through international treaties and organizations to which Mexico is a party, the Executive Director said in his annual report.
During this six-year period, according to the information in the document, existing contracts were respected and private investment was encouraged.
The National Register of Foreign Investments received 37,670 procedures, between September 2020 and June 2021, and 100 percent were managed through electronic means in response to health distance measures, according to the statistical information of the document, which was delivered to Congress.
In this sense, in the period from October 2020 to June 2021, foreign direct investment that arrived in Mexico recorded a total amount of 20 thousand 755 million dollars.
In that period, the permission to establish 331 foreign legal entities in the Republic of Mexico was notable in terms of investment; He pointed out that three neutral investment projects and two projects were submitted to the National Commission for Foreign Investment for study.
With regard to T-MEC, he emphasized that during its first year of operation (it entered into force on 1 July 2020) its proper application was supervised by the three government agencies involved.
According to the latest data from the US Department of Commerce’s Statistics Office, Mexico is the main trading partner of that country, after the volume of exchange of goods and services in the first seven months of 2021 amounted to 375 thousand and 500 million dollars. , leaving Canada with $372.8 billion.
The T-MEC is a central component of Mexican trade policy driving the post-Covid-19 economic recovery. During the first year of operation, the business relationship with the USA and Canada was solidified.”
He added that Mexico’s efforts are geared towards integration in global production chains and positioning itself as a leading export center on a global scale.
On the trade level, the government report notes that Mexico is recognized for its network of 14 free trade agreements that provide preferential access to more than 50 countries with 1.3 billion potential consumers. In addition to operating 30 investment protection and promotion agreements.
On June 1, 2021, the Agreement on Trade Continuity between Mexico and the United Kingdom of Great Britain and Northern Ireland entered into force, which maintains preferential terms under the Free Trade Agreement with the European Union, and then these countries decided to leave the alliance.
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