Mexico keen to lure manufacturers away from Asia

Imports and Exports | | MIC Customs Solutions |

Mexico wants to paint itself as a key destination for manufacturing, its economy minister has said.


Mexico is keen to capitalize on its presence in the US-Mexico-Canada free trade deal (USMCA) by tempting manufacturers from the western world away from Asia to its own shores.

According to Reuters, Mexican economy minister Graciela Marquez said in an interview this week that a host of foreign companies have been approached with a view to building new trade relationships.

The USMCA agreement took effect at the start of this month and includes new content rules on products including cars, electronics and metals.

With this in mind, Mexico has already held talks with steelmakers in Japan and Korea and intends to speak to firms such as Apple in the US concerning the possibility of moving their supply chains from China to the country.

Ms Marquez said the Mexican government wants to attract companies from around the world that are currently producing in China, Vietnam and Singapore.

"We want to show these companies the opportunities that open up with this increase in regional content requirements," she told the news provider.

Mexico's main exports include machinery, transport equipment, steel, electrical components and petroleum, with the bulk of what it produces heading to the US.

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