The Philippines will pursue separate discussions with Mexico and the US for potential free trade agreements with each these two countries.
To qualify for tariff-free trade, makers of heavy vehicles must meet various requirements, including a 60% regional content threshold that will increase gradually and 70% regional inputs of steel and aluminum.
The measures would face legal challenges under Mexico’s commitments not just under the outgoing NAFTA but also its successor, the United States-Mexico-Canada Agreement, an industry source said.
While the world is busy dealing with the coronavirus health crisis, the European Union and Mexico concluded talks on a new trade pact, provoking strong reactions.
The EU and Mexico have agreed to eliminate customs duties on practically all goods, to enhance and facilitate digital trade, and have taken on new obligations on good regulatory practices.
European civil society organisations are deeply concerned about the renewal of the European Union-Mexico trade agreement.
The European Union and Mexico finalised a major upgrade to their free trade deal after the two sides agreed to grant reciprocal market access to each other’s tenders for public contracts.
The announcement came three days after the US government launched a campaign to get Mexico to reopen plants, suggesting the supply chain of the North American free trade zone could be permanently affected.
Lopez Obrador said the government was reviewing the matter in the context of the entry into force of the United States-Mexico-Canada Agreement, a trade deal due to replace the 1994 NAFTA.
The US pressed Mexico to reopen border assembly plants that are key to the US supply chain, as part of the North American free trade zone.
Maquiladoras which avoid most tariffs because their finished products are for export only, have boomed since the 1994 North American Free Trade Agreement.
Mexico’s government asked the United States and Canada to grant its automotive industry extra time to adapt its supply chains as the deadline for implementing a new North American trade deal approaches.
Date for the revised North American trade deal to kick in now up to Americans.
Yet even before the coronavirus outbreak began in the mainland Chinese city of Wuhan in December, seismic rumblings already were being felt in the field of global logistics.
Maquiladoras in Reynosa are responsible for producing hundreds of products used and sold in the United States, with the majority of their parts coming from China.
Canada and Mexico could help export US coal to Asia via USMCA to get around the blocking of shipments by West Coast states, US Energy Secretary said.
Mexico is negotiating with Brazil to expand economic cooperation and believes it can find areas of mutual benefit even though the Brazilian economy is “very closed,” Economy Minister said.
Even though US negotiators were forced by public opposition to remove language explicitly banning front-of-package graphic labels from New NAFTA, other provisions of concern remain in the trade deal.
On paper, Mexican workers should be big winners from the new Nafta. They’re not holding their breath.
Mexico said it was satisfied by US assurances it was not sending inspectors.