Mexico marks advances on Nafta, CPTPP
Mexico continues to note significant progress in both the Nafta renegotiations and the US-free CPTPP agreement, as it looks to modernize its trade strategy beyond the simple lifting of tariffs and form a comprehensive platform for the country to see sustained growth.
Paulo Carreño King, director general of investment promotion agency ProMexico, detailed progress on the agreements during the keynote address at the LatinFinance 13th Mexican Financial Summit in media partnership with BNamericas.
Carreño expressed optimism that the Nafta talks, the seventh round of which will resume in Mexico City on Sunday, should conclude in an agreement "on time".
BNamericas will be offering further coverage of the event, including details on the emerging optimism in the business and financial community regarding Nafta.
Move to manufacturing
Carreño stressed that Mexico's economy has dramatically shifted away from an oil-based economy to becoming a global manufacturing force in the last three decades, successfully integrating itself into the world economy.
The official noted that with agreements like the new Nafta and CPTPP the Mexican government has broadened its reach beyond tariffs into critical social issues such as the environment, diversity and gender issues.
In addition to the digital transformation, flourishing particularly in Mexico, Carreño said the country has incorporated further restructuring of industry through structural reforms in recent years, including the energy and telecom reforms.
Looking ahead, he said the next major structural reform could well address inter-institutional labor rights, expanding beyond the labor reforms passed early in the current administration of President Enrique Peña Nieto.
Carreño said Mexico's financial system was healthy and active, and with the right decisions should be on its way to becoming the eight largest economy in the world by 2050.
He also offered a comprehensive breakdown of current advances with Nafta.
"The [chapters] that are 100% finished are SMEs, competition, anticorruption, energy efficiency, information technology and communication," said Carreño. "Those that have advanced to a degree of 80-90% are telecommunications, technical trade obstacles, [food safety] measures, sector linkage, medical devices, chemicals and pharmaceuticals."
He added that chapters between 40% and 70% completion are customs and trade facilitation, access to government market procurement of goods, energy, temporary entry, private-public enterprises, competitiveness, legal and institutional, cross-border trade in services, labor, financial services, environment and cosmetics.
Moving into more contentious areas, chapters on investment, rules of origin, textiles, dispute resolution, gender issues and cars are only 20-30% advanced, while chapters on intellectual property, indigenous issues and agriculture have only progressed around 10%.
CPTPP advances
Carreño hailed the public release Wednesday of the text for the "Comprehensive and Progressive Agreement for the Trans-Pacific Partnership" (CPTPP), adding that even without the US as partner the agreement provides Mexico with wide-ranging benefits with trade across the 11-country zone.
He said the agreement is on track for signature in Chile by the end of March after which it will move to individual legislatures for formal approval.
"This agreement between all of these countries has the virtue of being of a so-called 'third generation' that tackles issues such as environment and culture and allows Mexico to have all the benefits of the original agreement."
Carreño said that the electoral process should not affect the entry of the agreement, as a vote should be passed in the senate and the idea is to conclude before the end of the legislative period.
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