On Friday, May 22, the Modernized Global Agreement between Mexico and the European Union was ratified. The document will allow for the immediate elimination of tariffs on 86 % of agricultural goods and their gradual elimination for other products.

The signing took place in Mexico with the participation of the country’s president, Claudia Sheinbaum, the president of the European Commission, Ursula von der Leyen, and the president of the European Council, António Costa.

The agreement is finally a reality after years of negotiations “and signifies a new chapter in trade between the two regions, promising to open their markets through the reduction or elimination of tariffs.”

According to local sources, all quotas obtained by the EU under the International Trade Agreement (ITA) are tariff-free, “except for beef, for which the tariff will be phased out to zero seven years after the entry into force of the Modernized Global Agreement.”

It is important to clarify that a quota is a trade policy instrument “that establishes a maximum limit or amount for importing or exporting goods, generally with a preferential tariff, during a specific period.”

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Starting in January 2026, Mexican workers will receive a 13 % increase in the minimum wage, as indicated by President Claudia Sheinbaum, who added that the measure was supported by unions and employers.

This salary increase is part of the official promise that the basic wage will cover 2.5 basic food baskets by 2030.

With the increase, the national minimum wage will rise from 278.8 pesos per day (US$15.27) to 315.04 pesos (US$17.26). In the northern border region, where a differentiated system is in place, the figure will increase from 419.88 pesos (US$23) to 440.87 pesos (US$24.15).

In this regard, the monthly basic wage will be 9,582.47 pesos (US$524.96) in the rest of the country and 13,409 pesos (US$734.59) in the border region.

Authorities have indicated that the salary increase will benefit 8.5 million workers. They also highlighted that “the average real wage of formal employees registered with the Mexican Social Security Institute (IMSS) has grown 27.5% since 2018, reflecting a sustained improvement in labor income.”

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During her daily press conference on Monday, Mexican President Claudia Sheinbaum declared that her government will not participate in the construction of a wall on the northern border with the United States.

Sheinbaum said that under no circumstances will they finance the construction of more than 120 kilometers of wall on the common border. “We must build bridges and not walls,” the president added. For the Mexican president, “the best way to address the phenomenon is through investment and prioritizing a humane and effective solution to migration.”

In a different position to that of Donald Trump, President of the United States, the Mexican president insists on the need for mechanisms that allow strengthening “bilateral cooperation and commercial integration.” In this regard, he mentioned the recent inauguration of a railway bridge in the Mexican city of Nuevo Laredo (north) that connects the country with Canada through the United States.

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Mexico could soon apply a reform to the Federal Labor Law to formalize and dignify the performance of app workers, such as Uber and Rappi, unionized under the National Union of Application Workers (UNTA).

According to this union, the proposal recently presented by Claudia Sheinbaum’s government will help reduce the job insecurity of more than 658,000 digital platform employees.

Sergio Guerrero, UNTA’s general secretary, stressed that the reform of the Federal Labor Law will allow progress towards social coverage for workers and the recognition of their labor rights, social security, and the implementation of legislative improvements, among other benefits.

This type of work is a reality in other countries, where those who work as delivery people or make transfers await their formal inclusion in the laws to obtain the corresponding benefits and protection.

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Mexico will have a business advisory council, announced by President Claudia Sheinbaum, to promote private investment and regional development, as well as the geolocation of companies.

The president made the announcement after holding a private meeting with prominent members of the International Monetary Conference, “chaired by the global president of the BBVA group, Carlos Torres, and which is made up of multinational banks and financial services institutions from around the world.”

In the words of Sheinbaum, Mexico’s economic development “has to be reflected in the well-being of Mexican workers and not only in macroeconomic investment indicators.”

The president indicated that the advisory council will bring together various local businessmen who will work together with the secretaries of Economy and Finance, Marcelo Ebrard and Ramírez de la O, respectively. Key government authorities such as Luz Elena González, the next head of the Ministry of Energy, will also be part of this group.

Along with the announcement of the creation of the council, Sheinbaum “presented to businessmen the details of her development project for Mexico for the next six years, highlighting the creation of development poles and investment and infrastructure schemes.”

It is important to highlight that there is a marked international interest in investing in Mexico, after the private sector announced seed capital of more than USD 40,000 million for new investments and as part of the confidence in the new Mexican Government.

Sheinbaum also spoke about the national plans for Energy, Water, Professional and Technical Development, as well as Infrastructure “which includes the construction of roads, airports and new kilometers of passenger trains; in addition to the creation of the Digital Transformation and Telecommunications Agency.”

Regarding housing and security, respectively, the president highlighted a plan to build one million decent homes and address the causes of crime and zero impunity.

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During the federal elections in Mexico, this Sunday, June 2, the leftist Claudia Sheinbaum was the winner, becoming the nation’s first president.

Gracias, gracias, gracias; no les voy a fallar. Vamos a avanzar con el Segundo Piso de la Cuarta Transformación. pic.twitter.com/vwXlA7w54X

— Dra. Claudia Sheinbaum (@Claudiashein) June 3, 2024

According to data from the National Electoral Institute (INE), Claudia Sheinbaum obtained between 58.3 % and 60.7 % of the votes in the elections; while Xóchitl Gálvez obtained between 26.6 % and 28.6 % of the votes. For his part, the centrist Jorge Álvarez Máynez obtained at least 9.9 % of the votes according to the president of the INE, Guadalupe Taddei.

The current president of Mexico, Andrés Manuel López Obrador, celebrated the civility and commitment of the people who this Sunday freely and democratically elected who will be in charge of leading the country in the next period.

Hoy es un día de gloria porque el pueblo de México decidió libre y democráticamente que Claudia Sheinbaum se convierta en la primera mujer presidenta en 200 años de vida independiente de nuestra República. Felicidades a todas y todos los que tenemos la dicha de vivir en estos… pic.twitter.com/1tg3P7unjf

— Andrés Manuel (@lopezobrador_) June 3, 2024

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Next Sunday, June 2, two women will compete for the presidency of Mexico: Claudia Sheinbaum and Xótil Gálvez. If any of them wins, a historic change is on the horizon in the political scenario.

The electoral campaign has been marked by strong internal events. However, as the election date approaches, there is speculation about possible changes in Mexico in the event that Xóchitl Gálvez or Claudia Sheinbaum obtain the majority of votes.

Both are at the top of the polls, in a complex process, since Mexicans will also vote to elect 20,708 positions at both the federal and local levels.

Two candidates for one country

Claudia Sheinbaum is the former mayor of Mexico City, the country’s capital. She has maintained a double-digit lead in the polls for months. If she wins, she would continue the process of the current president, Andrés Manuel López Obrador, and is supported by the ruling party, Morena. “With a scientific background, Sheinbaum has had to walk a fine line to build his own image and emphasize his connection with the president, although he lacks the charisma with which his political ally attracted many.”

The other candidate is Xóchitl Gálvez, an opposition senator and technology entrepreneur, who represents a coalition of parties with little in common throughout history, except their recent opposition to López Obrador.

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