(Download the PDF version of our newsletter: Trading Room)
On June 28th and 29th, the G20 summit was held in Osaka, Japan, and the Mexican President did not attend. We highlight, of course, the following three trade topics that were addressed in the “Global Economy” section of the declaration. First, the leaders of the G20 recognized the importance to maintain a stable, non-discriminatory trade and investment environment. Second, the G20 reaffirmed, as in Buenos Aires 2018, their support to reform the WTO, and its dispute settlement system. Third, G20 calls for a consensus by fall 2019 regarding the Steel Excess Capacity which is being discussed in the OECD.
In addition, this summit served as a forum so that the US and China could discuss a solution towards the ongoing trade war. In fact, the US suspended an additional tariff raise on 300 billion USD Chinese imports; currently, the US measures (i.e. 25% tariff) affect 250 billion USD of Chinese imports.
Sources:
https://www.eluniversal.com.mx/mundo/g20-advierte-sobre-los-riesgos-para-economia
https://lta.reuters.com/articulo/eeuu-china-tregua-idLTAKCN1TS1HC-OUSLT
This Monday and Tuesday, Mexican Foreign Affair Minister, Marcelo Ebrard, and the State Councilor and Foreign Minister, Wang Yi, gathered to agree on a joint work plan for the next 5 years with the aim to strengthen the “Strategic Partnership”. The partnership was established in 2013 during the term of Peña Nieto.
This joint work plan aims to promote trade, mainly agricultural exports from Mexico, attract Chinese investment in sectors such as advanced manufacturing, electric mobility, e-commerce, among others. The plan also includes cooperation in education, science and technology, and cultural matters.
Sources:
This Tuesday the Senate approved the Federal Austerity Law, which the Chamber of Deputies will shortly discuss and vote.
This in itself generates uncertainty because article 15 of said law prohibits foreign “delegations” (except those related to security) and that the Mexican State will be represented abroad only by the Ministry of Foreign Affairs. This Law may have as a consequence the closure of the Ministry of Economy’s foreign offices, which are in charge of international trade topics and represent Mexico at international organizations, such as the WTO.
If the law is passed as such, experts are worried because the members of the Ministry of Foreign Affairs will absorb the tasks, and they lack experience in said topics. Will the members of the Ministry of Economy will be transferred to the Ministry of Foreign Affairs?
Sources:
Austerity law, China, Economía, G20, Mexico, Ministry of Economy, trade, Trading Room, USA, WTO
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