The free trade agreement between the United States, Canada and Mexico, known as T-MEC, will come into force from this Wednesday (01.07.2020) in replacing the old NAFTA, in a context marked by the pandemic and economic uncertainty.
In this regard, the Mexican Ministry of Economy has stated that the agreement is a "central element of Mexico's trade policy" and an instrument that promotes relations between the three countries.
The head of the Ministry of Economy, Graciela Márquez, has highlighted that the entry into force of the new agreement represents the beginning of a new stage of integration in North America and the path towards a more modern, competitive and inclusive economy.
"This agreement will be a fundamental tool for Mexico's economic recovery from the effects of the Covid-19 pandemic", the secretary said in an institutional video.
The treaty establishes an institutional framework that provides legal certainty to investors, businesses and consumers in North America, since the agreement modernizes the rules for trade in goods and services in the region.
The Aztec Secretariat explains that, although the negotiation of the T-MEC has meant "important challenges» For all three countries, there has been a consensus that the process of economic integration in the region is irreversible and is deepening, reinforcing societies and strengthening supply chains.
Among the benefits of the T-MEC, Mexico highlights that it not only seeks greater economic integration between the countries of North America, but also to increase the well-being of society through free trade to All original goods, so Mexican exports will continue to enjoy preferential access, that is, without paying tariffs, in the markets of the United States and Canada.
The agreement also includes the Modernization of the certification scheme and verification procedure to make it more expeditious, which will strengthen the competitiveness of North American companies.
With regard to trade facilities, the text includes provisions that facilitates and expedites the movement and clearance of goods at customs and transparency in administrative procedures, as well as coordination commitments between the agencies involved in border crossings.
Also, with the aim of further strengthening the intellectual property, the USMCA contains disciplines on copyright, trademarks, geographical indications, patents, protection of undisclosed data, industrial designs, trade secrets, a scheme for limiting the liability of Internet service providers, and provisions on enforcement.
According to the Ministry of Economy, all of this will make investment in Mexico more attractive. The treaty also incorporates anti-corruption measures. Thus, Mexico is committed to strengthening its legal framework to combat corrupt practices that may affect the country's business.
"The USMCA recognizes that competitiveness in the region is essential and seeks to increase it with initiatives that promote greater participation of small and medium-sized companies in the value chains in the region, which will be reflected in more and better jobs in our countries," the Ministry of Economy stressed.
Source: Europa Press
#VoicesOfTMEC ?????? | The #USMCA It is a central element of Mexico's trade policy and an instrument that promotes the deepening of our country's relationship with the United States and Canada. #USMCA@GMarquezColin @Martha_Barcena @JJGomezCamacho @EmbamexEUA @EmbaMexCan pic.twitter.com/ADVT931ndQ
– Economy Mexico (@SE_mx) July 1, 2020
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