It should be noted that the North American Free Trade Agreement (NAFTA) was revised more than 20 years after its entry into force, which generated uncertainty for doing so in a short time and at the request of then US President Donald Trump.
In the negotiation process More than 900 meetings were held with the work teams of the three countries, recalled in January 2020 Moisés Kalach, who coordinated the Mexico-United States bilateral strategy of the Business Coordinating Council. “Our country had somehow neglected or abandoned the square of relations in Washington,” said the businessman at that time.
In order not to miss so much time and to adapt and update the trade agreement in the best possible way, the United States, Mexico and Canada agreed to carry out reviews every five years. The first will be done in the year 2025.
“We have only one year that represents 20% of the first revision that the treaty will take, this implies us to continue working in a relationship that has to be fluid, that has to establish critical success factors and that we have to, from now on, treat to avoid problems that may arise to defend our rights and our responsibilities ”, said the president of the CCE.
Salazar Lomelín highlighted the importance of the work carried out by the Cuarto de Conjunto, made up of nearly 600 specialists from the business sector who advise the Mexican government in trade negotiations.
“Cuarto de Conjunto is a Mexican invention that many other countries have wanted to copy,” said Carlos Salazar, noting that this organization has specialists on all fronts, trying to collaborate, in a pragmatic vision and with the best international practices.
Importance of the T-MEC
One year after the entry into force of the T-MEC, it already represents 18% of the world’s Gross Domestic Product (GDP) and includes 16.5% of the global population, highlighted in his participation Luis Manuel Hernández, president of the National Industry Council Maquiladora and Export Manufacturing (Index).
He added that the US manufacturing sector represents 60% of its foreign trade, 68% for Canada and 59% for Mexico.
“This treaty is giving us an important relevance and we are in very different conditions, post-covid. If we want to enter what is the buy american, we are the best manufacturing option in the United States ”, assured Hernández.
He highlighted the speed of return on investment in North America, which is between 12% and 14%, that is, it takes around 5 or 6 years, while in regions such as Asia it is 12 years (5% or 7%); similar to Europe (8%).
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