Mexican trade body sees auto parts output setting record this year

12/07/2022

Source: Reuters

Mexico’s auto parts production will likely hit a record of nearly $107 billion this year, up almost 13% from last year, the director of the national auto parts lobby INA announced on Tuesday.

Mexico’s massive car making and auto parts sector is a key driver for the country’s manufacturing industry, which is heavily integrated into U.S. and Canadian supply chains.

INA director Alberto Bustamante told reporters he expects the value of production to rise to about $109 billion next year and then surpass $110 billion in 2024.

READ MORE

US Poised to Escalate Claim Mexico Violated Free-Trade Pact

06/24/2022

Source: Bloomberg

The US is preparing to escalate its complaints that Mexico’s state-favoring energy policies violate the nations’ free-trade agreement, people familiar with the matter said, a move that would risk exacerbating tensions between the countries’ governments.

US Trade Representative Katherine Tai’s office in recent weeks has been working on a request for formal consultations under the US-Mexico-Canada Agreement and discussing it with other agencies, according to the people, who asked not to be identified without permission to speak publicly. The timing for the request is still being determined, the people said.

READ MORE

Mexico, Saudi Arabia Agree to Strengthen Economic Ties

DATE: 23 March 2022

SOURCE: US News

MEXICO CITY (Reuters) – Mexican Foreign Minister Marcelo Ebrard and his Saudi Arabian counterpart on Wednesday agreed to strengthen bilateral economic relations on the first day of the diplomat’s 10-day tour of the Middle East and India, Mexico’s government said.

Ebrard and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud discussed investing in tourism and innovation, highlighting the need for a direct air route between Mexico and Saudi Arabia, the foreign ministry said in a statement.

READ MORE

Truckers block highways to protest insecurity, tolls and fuel prices

DATE: 23 March 2022

SOURCE: Mexico Daily News

Truckers and other professional drivers blocked highways across Mexico on Tuesday to protest against insecurity and high toll costs and fuel prices.

There were blockades and marches in at least 20 of 30 states where protests were slated to be held, the newspaper Reforma reported.

READ MORE

Mexico threatens legal action on US electric vehicle subsidy

12/03/2021

Source: AP News

The Mexican government threatened legal action Thursday over provisions of U.S. President Joe Biden’s Build Back Better Act that would give subsidies of up to $12,500 for purchases of union-made, American-made electric vehicles.

Tatiana Clouthier, Mexico’s secretary of the economy, said the bill currently before the U.S. Senate would violate non-discrimination clauses of the U.S.-Mexico-Canada free trade pact.

READ MORE

Biden’s electric vehicle plans spark outrage in Mexico and Canada

11/15/2021

Source: Financial Times

Joe Biden will meet the leaders of Mexico and Canada this week as his plans to encourage Americans to buy electric cars made in the US have sparked furious opposition from two of America’s biggest trading partners. The so-called three amigos summit, to be held at the White House, will take place for the first time since 2016, and comes as senior officials in Mexico City and Ottawa have complained that Biden’s plans to kickstart EV manufacturing in the US break international trade rules.

READ MORE

Mexico’s agrifood exports highest in 29 years between January and May

07/20/2021

Source: Mexico News Daily

The value of Mexico’s agrifood exports in the first five months of the year was the highest in 29 years, the Agriculture Ministry said. Agrifood products destined for foreign shores brought in US $18.7 billion from January through May, and imports were just under $14.5 billion for a surplus of $4.23 billion, the fourth highest in 27 years.

Of the $33.2 billion agrifood trade with foreign countries, 56.4% was money entering the economy: more than earnings from petroleum exports or foreign tourism.

READ MORE

U.S., Canada, Mexico hold ‘robust’ trade deal talks, downplay differences

05/19/2021

Source: Reuters

Trade ministers from the United States, Canada and Mexico said on Tuesday they held “robust” talks on the new North American trade deal and pledged to fully enforce its higher standards, while downplaying differences over a range of other irritants.

The ministers, in a joint statement issued after their first meeting to review the U.S.-Mexico-Canada Agreement on trade that took effect in July 2020, also vowed to focus on fighting climate change and crack down on imports of goods to the region made with forced labor.

READ MORE

U.S., Mexico, Canada held ‘robust’ trade talks; vow focus on climate, small businesses

05/18/2021

Source: Reuters

Trade ministers from the United States, Canada and Mexico on Tuesday said they held “robust” talks on the new North American trade deal and agreed to focus on fighting climate change and ensuring the voices of underrepresented groups are heard.

The ministers, in a joint statement issued after the first minister-level meeting on the new U.S.-Mexico-Canada trade agreement that went into effect on July 1, 2020, also vowed to crack down on imports of goods made using forced labor.

READ MORE

Goldman Traders Caught in Mexico Stalemate Chasing $400 Million From Texas Freeze

05/17/2021

Source: Bloomberg

(Bloomberg) — It’s a Wall Street nightmare. You score hundreds of millions of dollars on a trade and you just can’t get paid.

That’s what Goldman Sachs Group Inc. faces in a transaction pitting its traders against Mexico’s dominant power company, championed by none other than President Andres Manuel Lopez Obrador, according to people with knowledge of the matter. At issue: roughly $400 million the Wall Street bank believes it’s owed from a natural-gas trade that went wild when a deep freeze hit Texas in February.

In private discussions with Goldman Sachs, state-owned utility Comision Federal de Electricidad has blamed rogue traders, ejected staff and even hinted that the side lacking financial sophistication in the trade was, perhaps, the Wall Street bank, the people said.

READ MORE