© Reuters. Mexico’s Financial system Minister Graciela Marquez attends Mexico’s President Andres Manuel Lopez Obrador each day information convention at Nationwide Palace in Mexico Metropolis
By Stefanie Eschenbacher and Anthony Esposito
MEXICO CITY (Reuters) – Mexico has spoken to a bunch of overseas firms, significantly steelmakers, in an effort to lure enterprise from Asia to capitalize on a brand new North American commerce deal, Financial system Minister Graciela Marquez mentioned on Monday.
The U.S.-Mexico-Canada commerce settlement (USMCA) took impact initially of this month and changed its quarter-century-old predecessor because the coronavirus pandemic wallops the worldwide financial system and worldwide commerce. The brand new deal consists of harder content material guidelines each for autos and metal and aluminum than when the North American Free Commerce Settlement was launched in 1994.
“In metal we see the largest alternative,” Marquez, a Harvard-trained economist, informed Reuters in an interview. “We need to present these firms the alternatives that open up with this enhance in regional content material necessities.”
Marquez mentioned the federal government of President Andres Manuel Lopez Obrador has held talks with overseas steelmakers, together with South Korea’s POSCO (KS:), Japan’s Nippon Metal Corp (T:) and Mitsubishi Corp (T:) and Ternium (N:), about investing in Mexico to provide metal for the auto sector.
She mentioned there’s a risk overseas steelmakers might accomplice with or take a stake in Mexico’s Altos Hornos de Mexico
Contemplating Mexico’s various manufacturing base, Marquez mentioned the federal government was taken with attracting a variety of firms from throughout the globe.
She mentioned the federal government additionally would search to talk with Apple (O:) and different U.S. companies about relocating their provide chain to Mexico.
Retelling a current dialog with Lopez Obrador, Marquez mentioned she pointed to the cellphone she was holding in her hand and mentioned “these telephones do not should be produced in China … there is a gigantic alternative to provide them” in Mexico.
The federal government is trying to entice North American and European companies producing in China, Singapore and Vietnam.
Marquez mentioned the brand new commerce deal got here into drive at a “crucial” juncture for each the Mexican and the worldwide financial system and that it might assist Latin America’s second-largest nation recuperate from the fallout of the coronavirus pandemic.
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