Mexico and the United States must align their public policies to mutually benefit from global value chains, said Francisco de Rosenzweig, a partner at White & Case.
The recommendation comes in the context of the X Summit of North American Leaders, which will begin this Monday in Mexico City and in which the president, Andrés Manuel López Obrador, his counterpart from the United States, Joe Biden, and Canadian Prime Minister Justin Trudeau.
In a time of global economic uncertainty, free trade agreements and integration with the United States have allowed Mexico to have faster growth and a much more dynamic economy over the last 30 years.
Hence the importance of maintaining value and supply chains with the United States, Mexico’s main trading partner.
But it is also very important to align public policies between governments so that in a post-pandemic era, where value chains were fractured, they can be recomposed, redirected and, without a doubt, Mexico continues to benefit from this commercial integration. , because the integration in the regional content of the United States in the exports of Mexico benefits those countries, as well as those countries to us”, said De Rosenzweig.
In force since July 2020, the Agreement between Mexico, the United States and Canada (USMCA) modernized the North American Free Trade Agreement (NAFTA), updated the rules of origin and incorporated provisions to regulate issues such as digital trade. , competitiveness, small and medium-sized enterprises and good regulatory practices.
It also placed labor and environmental obligations at the center of the Agreement by mandating full compliance with the corresponding provisions and making them subject to up-to-date dispute resolution mechanisms.
De Rosenzweig pointed out that it is necessary to follow up on all the obligations and commitments that we assume under the T-MEC.
“Because there is the famous Sunset review clause in 2026, it is important that we arrive very well prepared with the task done and looking for it to be an area of opportunity to further consolidate the opportunities that Mexico, Canada and the United States have in sight. in that treaty review period,” he said.
The T-MEC modified the preferential rules of origin of the United States for goods originating from Canada and Mexico as a result, in particular Chapter 4 (Rules of origin), Chapter 5 (Procedures of origin), Chapter 6 (Rules of origin for textile and apparel goods) and the Trilaterally agreed Uniform Regulations on Rules of Origin (including their related Annexes and Appendices).
USMCA Annex 4-B contains important revisions to many of the NAFTA product-specific rules of origin. Each of these revisions has been the subject of specific regulation by the United States, or has been included in the Harmonized Tariff Schedule of the United States (HTSUS), in order to implement the provisions of the Treaty.
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