Canada and Mexico seek to strengthen resilience in supply chains

The governments of Mexico and Canada agreed to strengthen resilience in the supply chain in which both countries participate, reported Mary NgMinister of International Trade, Export Promotion, Small Business and Economic Development of Canada.

Ng met this Monday with the Secretary of Economy of Mexico, Raquel Buenrostroat the headquarters of this unit, in Mexico City, within the framework of the X Summit of North American Leaders.

“Secretary Buenrostro and I discussed building supply chain resiliency in North America, creating economies that work for everyone and that benefit local communities. We emphasize the need to work closely together for greater predictability and sustainability of our businesses,” Ng said in a tweet.

Mexico, Canada, and the United States have agreed to joint actions to strengthen their supply chains both regionally and globally.

In 2021, the President’s Administration Joe Biden launched its United States Rescue Plan, within the framework of the United States Bailout Plan Actof 2021, promulgated in March.

While the main thrust of the US Bailout was a hefty pandemic-focused stimulus package, it also addressed supply chain resilience, provided funding for Covid-19 vaccines, and more generally, it attacked the problems of medical supply chains.

The Administration continued to address the issue of essential supply chains through its 100-day assessment of four essential products, including: Semiconductor Advanced Manufacturing and Packaging, High Capacity Batteries, Essential Materials and Minerals, and Pharmaceuticals and Active Pharmaceutical Ingredients .

As part of that assessment, recommendations were made to strengthen international trade rules through trade rule enforcement mechanisms, namely the establishment of a trade task force, and to conduct an investigation under Article 232 on neodymium magnets, as well as working with partners to reduce vulnerabilities in global supply chains.

roberto.morales@eleconomista.mx