New Tariff Items in the PROSEC Program for the Fabric and Textile Sector
Recently, the Ministry of Economy published in the Official Gazette of the Federation the “Decree that amends the one that establishes different Sector Promotion Programs.” This decree makes some interesting additions for the textile and apparel sector in the Sector Promotion Program (PROSEC). Find out all the details here.
What is the PROSEC Program?
The PROSEC Program in Mexico is designed to support companies producing goods in specific sectors. Its main objective is to facilitate access to imported inputs, machinery, and equipment necessary for the production of goods in Mexico at preferential tariff rates. This is particularly relevant for companies that produce goods for both the local and export markets. One of the industries included in the PROSEC Program is the textile and fabric industry.
What are the new additions?
The amending decree adds to Article 4, Section XX, of the raw materials for the textile and apparel industry that may benefit from this program, Tariff items 5402.20.02 and 5902.20.01. These fractions include high tenacity yarns of polyesters (except: single, flat, maximum tensile, produced with a twist not exceeding 40 turns per meter), and woven fabrics for tires of polyesters. These products are mainly used in the textile and automotive industries.
This modification is made to promote the competitiveness of the national productive system, as well as to enable PROSEC Program companies engaged in the manufacture of high tenacity polyester yarns and polyester tire cords to obtain the necessary inputs. Finally, it should be mentioned that this amending decree became effective on August 27, 2024.
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