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On January 30^th, 2020, Donald Trump, president of the United States signed an implementation law for the USMCA in presence of the Mexican representatives Graciela Marquez and Marcelo Ebrard. This event is the closure for a long process of ratification that lasted more than a year.

The ratification of the USMCA agreement will benefit many industries, and the Mexican automotive industry will be one of them, with an expectation of 13 billion dollars coming from foreign investments in a period of 2 years.

Graciela Márquez, Officer for Economic Affairs in Mexico, said the ratification of the agreement between United States, Canada and Mexico impulse the certainty in the industry in this country, making it an attractive destiny for investments.

“We believe that investors have clear rules now. In Mexico, we’ll work together, State and private industry in order to support integration and improve the development of all the parts involved”, she assured.

For Mexico, some of the economic benefits with this agreement are:

1. Certainty and rules to improve the trade among industries in the region that will be a motive of economic development.
2. Opening to agricultural trade, that signified to Mexico US $50,700 millions in 2018.
3. Ensure the productive integration in the automotive industry with US $139,244 millions in 2018.
4. Establish new rules to digital economy and e-commerce to boost the development in this sector for industries in Mexico.

The USMCA agreement is not currently in force because Canada needs to ratificate the document. Last week, the Canadian government officially started the process, tabling a motion to discuss the new agreement in the House of Commons.

In the next few months, the three parts, United States, Canada and Mexico will be working together in order to verificate that all the requirements are ready to start the implementation of the USMCA, so this is the perfect moment to take the opportunity to expand your enterprise and invest in Mexico. The SRS team has the expertise to provide support in the relocation of foreign personnel and will be pleased to help you.