Mexico Urges US-Canada T-MEC Agreement Amid Trade Tensions

Mexico's Secretary of Economy, Marcelo Ebrard Casaubon, has called on the United States and Canada to reach an agreement and maintain dialogue regarding the review of the USMCA (T-MEC) trade agreement. Ebrard emphasized that the current tension between the two North American partners is not beneficial for Mexico.

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We saw and see very favorably that Canada reaches some agreement with the United States. Tension between them does not favor us; we would like it not to exist. Hopefully, they will reach an agreement soon, they were very close a few days ago.

Speaking at the closing of the Second National Meeting of Social Economy, Ebrard expressed optimism that Canada and the US would soon find common ground. "We saw and see very favorably that Canada reaches some agreement with the United States. Tension between them does not favor us; we would like it not to exist. Hopefully, they will reach an agreement soon, they were very close a few days ago," he stated.

This call comes as the US and Canada were reportedly close to signing a trade agreement last week but ultimately failed to reach consensus. Ebrard stressed the importance of deeper integration and collaboration among the USMCA partners, suggesting that this will eventually happen, though the timeline remains uncertain.

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The partners of the Treaty between Mexico, United States and Canada (T-MEC) have to integrate more and work together.

Ebrard also revealed that he travels to Washington D.C. weekly to address issues related to the trilateral treaty review. Key topics include economic security, labor, and environmental aspects. Additionally, discussions are underway to reduce tariffs on steel, aluminum, and the automotive industry. Mexico is advocating for a reduction in the 25% tariff on automobiles, arguing that Mexico's rate should be below 15%, similar to that of countries like South Korea or Japan.

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So, we are going to open an office there for that. We want to be part of it, participate.

In related news, Ebrard mentioned his recent trip to Arizona to meet with semiconductor companies. He highlighted plans to establish an office there to facilitate the relocation of production from Taiwan to Phoenix. Mexico aims to participate in the packaging, testing, and final assembly stages of semiconductor manufacturing, which could represent billions of dollars in investment. Ebrard urged Mexico to accelerate its efforts in the semiconductor sector, noting the current scarcity of Mexican companies in this field and the need for rapid growth.

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We have to hurry up, as I would say, accelerate the pace. We have few Mexican companies in semiconductors and we want this to grow and change as quickly as possible.