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USMCA and economic security

Mexico, the United States and Canada have held bilateral and trilateral dialogues aimed at increasing regional economic security, stated the Ministry of Finance (SHCP).

In addition to the ratification of the trade agreement between them (USMCA), the governments of the three North American countries have promoted high-level dialogues.

The SHCP indicated that this is aimed at supporting the implementation of the USMCA, identifying mechanisms to expand trade and investment opportunities and guaranteeing the economic security of the region.

Thus, in recent years, the North American Leaders Summit, the High Level Economic Dialogue (HLED) between Mexico and the United States, and the action plan for the new alliance between the United States and Canada were reintroduced.

Within the framework of the HLED, the Mexican and U.S. governments are working on specific actions to increase investment, innovation and infrastructure in customs to continue promoting connectivity that facilitates trade and strengthens commercial integration with North America.

In this way, both governments have already finalized the alignment of the Authorized Economic Operator (AEO) Program of each country, after 27 bilateral meetings.

Likewise, they continue to collaborate in evaluating the expansion of the Unified Cargo Processing program, with a view to improving the economic competitiveness of Mexico and the United States.

Economic security

The two governments also continue to work on areas of mutual interest through the 21st Century Border Management Initiative, through which they have jointly identified and agreed on priorities at both nations’ land ports of entry.

The two governments will adopt the recommendations on promoting innovation and technology for smarter customs from the recent study conducted by the Sandia California National Laboratory in the United States.

In order to finance the relocation of companies to Mexico, a financing package was announced in July of this year.

The resources will be channeled through Nacional Financiera, with an initial credit line from the IDB for US$200 million and US$3 million in non-reimbursable resources, which will leverage the institution’s existing assets.

This financing will support the work developed between the IDB and the Ministry of Economy to identify the sectors in which Mexico has the greatest investment opportunities in the new global scenario.

 

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