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Mexican Newsletter: FDI in Mexico, USMCA and EUMexFTA

21 Feb , 2020  

Trading Room: Mexican Trade and Investment News

(Download the PDF: Trading Room -21022020)

  Foreign Investment in Mexico during 2019

In UNCTAD’s 2019 investment report, it was mentioned that “Foreign Investors were reassured by the final signature of the revised [NAFTA] (now called the USMCA).” Now, the Mexican Ministry of  Economy issued a newsletter reporting the preliminary Foreign Direct Investment (FDI) results. FDI in 2019 increased 4.2% in relation to that of 2018; specifically, Mexico received  32.912 billion USD of inward investment in 2019, while in 31.604 billion USD in 2018.

 
We highlight that 53% of the FDI was reinvestment earnings, while 39% correspond to new equity flows; also, almost half of the FDI was absorbed by the manufacturing sector, meanwhile, the FDI inward flows mainly originated from USA (36.8%), Spain (12.1%), Canada (9.7%), Germany (9.2%), Italy (4.5%).

 

Bearing in mind this context, the Minister of Economy, Graciela Marquez, mentioned in a meeting with Senators that there is an expectation that foreign investment will react positively to the incentives that were established in USMCA; and, the Ministry has two tasks to help activate the economy: implementing USMCA and relocating companies that are in China to Mexico. However, the Minister noted that the global economy presents signs of the economic deceleration, not only pertaining to growth but also due to the unknown impact of the coronavirus.

 

 

USMCA Uniform Rules

As reported in a previous edition, the Ministry of Economy is organizing a seminar about USMCA (as well as CPTPP). This week’s session was about market access, rules of origin and trade facilitation. During the event, it was announced that Mexico has approached the USA and Canada on the matter regarding USMCA’s uniform regulations that have to be adopted and published in the near future. The rules will detail how the parties will interpret and apply the relevant Chapters, such as customs procedures and the rules of origin chapters, e.g. remanufactured goods, recovery of raw materials, auto, etc.

 

 

 Signature of the European Union-Mexico Free Trade Agreement  in 2020

In an event organized by the Spanish Chamber of Commerce in Mexico, it was announced that the Underminister of International Trade, Luz Maria de la Mora, announced that the negotiations regarding the update of the European Union-Mexico Free Trade Agreement are close to being concluded and that it will be signed at the end of 2020. It has been two years since the Mexican Ministry of Economy and the European Commission announced that there was an agreement in principle, Mexican authorities had also announced that the signature of the update was soon; however, some details had not been sorted out, such as government procurement. One of the main features of the update of the EUMEXFTA is the full liberalization of tariffs since the agricultural sector had been excluded from the original FTA.

 

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