T-MEC agreement forecasts economic stability for Mexico

The new North American free trade agreement T-MEC will be ratified by the congress of the United States and Canada that provides a great advantage for the economy of Mexico, as confirmed by the Senate of this country.

After long negotiations, this agreement represents the renewal of the (NAFTA) in force since 1994. “We have a North American Free Trade Agreement. The difference is the great advantage that it would give us in case of being ratified”, said Arturo Herrera, secretary of the Treasury during a press conference at the end of his participation in the annual meetings of the IMF and the World Bank.

He also added: “In an uncertain environment at a global level, we would generate an anchor of certainty in the area of ​​North America that would help the dynamics of this area begin to take off in a good direction and would clearly be a great opportunity for Mexico,”. Herrera stressed that counterpart in Canada indicated that their legislators are in a position to authorize the T-MEC at any time if they said that this approval must be synchronized with the United States.

In a letter sent to lawmakers in the United States on Thursday, the president of Mexico, Andrés Manuel López Obrador, acknowledged “the loss of the purchasing power of workers” in his country, but assured that the new regulations will put Mexico at the forefront of labor rights in Latin America.

According to the implementation of the new labor reform approved last April in Mexico, the requests of the majority of the Democrats of the US House were heard and implemented. The requirements not only meets the standards defined in the renegotiation of the North American trade agreement but it contributes to the strengthening of “friendly” policies that contribute to a growth led by the private sector.

K.Villarroel

Source: bancaynegocios