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Mexico - April 2020

Economic Highlights

USMCA ratification: On 15 March Mexico’s President Manuel López Obrador welcomed Canada’s ratification of the US-Mexico-Canada Agreement (USMCA). The regional trade agreement was approved by Canada’s House of Commons and Senate after months of deliberation. The Governor General of Canada has also signed the Royal Consent, thereby concluding the legislative process. According to a press release by Mexico’s foreign ministry (SRE), Canada is Mexico’s third largest trading partner, with bilateral trade exceeding US$37bn. Amidst global economic uncertainty caused by the coronavirus (Covid-19) pandemic and the fall in international oil prices, López Obrador said that Canada’s ratification will “help us a lot with the economic uncertainty. What we have agreed guarantees that we will maintain our economic relations with the strongest market in the world”. According to the SRE press release, the three governments “will work to implement the agreement, including lists of panellists for the dispute settlement mechanism and the rapid-response labour mechanism and uniform regulations, among other tasks”.

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