The European Union-Mexico Free Trade Agreement (FTA EU-MX) provides enormous opportunities for Mexico to boost the economic relationship between both parties, as Mexico has important strengths for producers, industrial exporters, manufacturers and investors, among others.
While participating in the Annual Meeting of Industrialists (RAI), organized by the Confederation of Industrial Chambers (Concamin), Luz María de la Mora, Undersecretary of Foreign Trade for the Ministry of Economy, highlighted that the commercial relationship between the signatory countries of the FTA EU-MX amounts to 75 billion dollars.
Without a doubt, the current global context has brought with it significant challenges. In North America, according to the World Trade Organization (WTO), a 32% drop in trade volumes in Foreign Direct Investment (FDI) was expected, specifically in developing countries. However, since the second half of this year, there has been a rebound in world trade manufacturing sectors, which is significant for Mexico since it is an exporter of this industrial sector.
Specifically, she highlighted the upturn in industrial activity that has been generated in the automotive and electronics sectors, which are emblematic for Mexican exports.
In addition, she noted that due to the coronavirus pandemic, there has been a reevaluation on how to keep global value chains resilient and competitive and said that Mexico has important strengths and unique advantages for producers, industrial exporters, manufacturers and investors, such as labor costs and geographic location.
Moreover, Sebastián Salezki, representative of the European Union (EU) in Mexico mentioned that Mexico is an important partner for the EU in the economic and socio-political context, because since the FTA EU-MX was implemented two decades ago, trade in goods has grown almost 150%, so the modernization of the agreement was necessary to address more aspects of trade and investment.
It is expected that the new FTA EU-MX will come into force in 2021, since the business opportunities between both parties will allow sectors such as agriculture and services to develop.
The geographic location, infrastructure and work environment at the Oradel Industrial Center offer a unique opportunity for the export and logistics industries. It is located only 10 miles from the US border and it has Tilt-up, class A industrial buildings for immediate occupancy