Mexico Secures Decade USMCA Extension Annual Reviews

According to Marcelo Ebrard, Mexico’s Secretary of Economy, the T-MEC treaty between Mexico, the United States, and Canada will continue for 10 more years with annual reviews. Ebrard stated that the treaty is set to last 10 years, with revisions to be made every year.

The Secretary of Economy explained that the support of the Congress of the Union and the majority parliamentary group in trade negotiations with the United States has been fundamental in reaching agreements. He noted that without this support, it would have been impossible to achieve the current state of negotiations.

Ebrard will appear before the Chamber of Deputies this Friday to discuss the treaty and Mexico’s commercial position. He mentioned that despite facing adverse situations, Mexico’s economy is growing, with the country being the primary exporter to the United States.

The growth of various sectors, including electronics, has been notable, with Mexico paying an effective tariff of less than 3 percent, compared to China’s 22 percent. Ebrard highlighted the complexity of the relationship between the President of the United States, Donald Trump, and Mexico, which affects negotiations.

Additionally, Ebrard will provide details on the agreement with the European Union, which has concluded its modernization. This agreement means that Mexico will not have to pay tariffs to the European Union. He also mentioned that Mexico’s exports to the United States have grown significantly, with a 16.8 percent increase in the last month.

Ebrard emphasized that this growth is a result of Mexico’s efforts and that the country is currently exporting much more than expected. The Secretary of Economy’s statements suggest that Mexico’s economy is evolving favorably, despite initial expectations of a more complex situation.