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Slim urges Mexico to replace imports, warns of new T-MEC scenario
🇲🇽 Mexico /Economy & Trade

Slim urges Mexico to replace imports, warns of new T-MEC scenario

From El Universal · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Context piece
  • Mexican businessman Carlos Slim urged Mexico to boost import substitution due to a $270 billion deficit.
  • He noted that global trade agreements led to China's industrial rise and losses for other countries.
  • Slim believes Mexico's trade with the U.S. will continue regardless of trade pact specifics.

Carlos Slim Helú, a prominent Mexican businessman, is urging the country to prioritize import substitution, citing a substantial $270 billion deficit. He argues that Mexico should reduce its reliance on imports, pointing to the impact of global trade agreements established after the 1994 North American Free Trade Agreement (T-MEC).

Mexico should do import substitution because it has a deficit of 270 billion dollars.

— Carlos Slim HelúExplaining his call for Mexico to reduce its reliance on imports.

Slim explained that subsequent governments pursued trade deals with numerous countries, fostering global commerce. This shift, he contends, allowed China's industrial sector to surge while other nations experienced a decline in their manufacturing base. He specifically mentioned that after the 1994 treaty with the United States, Mexico's trade balance with the U.S. has been positive.

This made China go to the sky and all the other countries lose their industrial manufacturing area.

— Carlos Slim HelúDescribing the impact of global trade agreements on industrial manufacturing.

Despite the U.S. decision not to renew the T-MEC but instead conduct annual reviews, Slim remains optimistic about continued trade relations. He stated that Mexico's commercial activity with the United States will persist, irrespective of the specific trade agreements in place. "I believe Mexico's commercial activity with the United States will always continue, in the coming years. I don't know, with treaty A or X or Y or whatever, but there will be treaties and agreements or real activities," he said.

I believe Mexico's commercial activity with the United States will always continue, in the coming years. I don't know, with treaty A or X or Y or whatever, but there will be treaties and agreements or real activities.

— Carlos Slim HelúExpressing optimism about future trade relations between Mexico and the U.S.

Slim highlighted Mexico's significant success under the trade treaty with the United States, noting a "huge" trade surplus of $250 billion. He also commented on the annual review of the treaty, suggesting that Mexico must adapt to the current reality while acknowledging that trade will continue.

Now, Mexico has had great great success with the United States with the commercial treaty. We have a trade surplus of 250 billion dollars, which is enormous.

— Carlos Slim HelúHighlighting Mexico's positive trade balance with the U.S.
DistantNews Editorial

Originally published by El Universal in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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