Nearshoring, the new era of foreign trade for Mexico and the United States

he close Or relocation is a trend in the business world that can greatly serve the North American economyspecifically for Mexico and the United States, experts agree.

Rounding is in fashion today, it is a real opportunity for the country’s economic growth, even if it seems insignificant, it should not be wasted

Considered Valeria Moy, Director General of the Mexican Institute of Competitiveness (IMCO).

According to an analysis prepared by the Chamber of Commerce (AmCham Mexico), in order to benefit from relocation in the economies of North America, it is necessary to apply various strategies that will strengthen production chains:

• Investing in trade facilitation
• Efficiency at airports and borders
• Improve connectivity and infrastructure
• Establish a bi-national energy crisis response protocol
• Attracting investments in key industries with an effective regulatory framework
• Adequacy of Mexican MSMEs
• Promote economic well-being and sustainable growth
• Innovation and the digital economy

What famous Rounding Is the region (North America) recovering these spaces, regaining its participation in international markets and Establishing its position as the most competitive region in the worldexplained Pedro Casas, General Manager of AmCham Mexico.

You can read: What do businesses in Mexico need to take advantage of the rounding trend?

biggest hurdles to face Rounding In North America will be infrastructure and innovation strategiesstated Edgar Castillo, specialist in Tecnológico de Monterrey.

The North American region has a lot to do in terms of innovation and infrastructural hurdles, so it is imperative to think about a new culture and support technological development

Castle said.

AmCham also considers it essential to implement the “one government at borders” model in North America.This is to speed up customs procedures and their legal validity for both countries.

next to, Implementation of public-private coordination plans for merchandise marketing should be considered Produced with forced or compulsory labor, as provided under the T-MEC Free Trade Agreement.

For his part, Césaire Chiachua, specialist at the National Polytechnic Institute (IPN), does not exclude, The probability that “North America will position itself as the most competitive region in terms of tradeHowever, new alliances can present great competition.”

Mexico, the main trading partner of the United States

Our country is the main partner of the United States, with participation in commercial materials at 16.1% as of the end of March 2023; The economies of Canada came in second and third with 15.5% and China with 10.1%, according to data released by the Department of Commerce.

The value of exports from Mexico to the United States amounted to 42.824 million dollarsa figure representing an annual advance of 5.86%.

“We are America’s number one partner“We are in a very strong integration dynamic which is a historic opportunity for the Mexican economy,” said Casas.

Now read: Mexico could boost close supply to the rest of Latin America

while The value of US exports to Mexico was concentrated at $29,273 millionA figure that means an increase of 2.6% annually over the same period.

For Mexico to advance in commercial matters, it must implement effective regulations that allow it to be efficient in its trade process and thus be able to establish itself as a power.

Ángel Méndez Mercado, School of Banking and Business (EBC) specialist, concluded.

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