LatinNews Daily - 10 June 2020

* The president of local think-tank Instituto para el Desarrollo Industrial y Crecimiento Económico (Idic), José Luis de la Cruz, has warned that Mexico must develop an industrial policy to overcome the current global economic crisis and make the most of the US-Mexico-Canada Agreement (USMCA) on regional trade, which is due to come into force on 1 July. In a virtual seminar hosted by one of the country’s leading business organisations, the Confederación de Cámaras Industriales (Concamin), De la Cruz said that Mexico’s long-running want of an industrial policy has led to an average industrial growth rate of less than 0.5% between 2001 and 2020. He explained that despite the country’s strong presence in international trade (accounting for 3.1% of the global market), Mexico contributes only 0.9% of the value added. “Mexico is a macro-export giant with feet of clay”, De la Cruz concluded.

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