The USMCA is, basically, the replacement or update of the previous Free Trade Agreement of 1994 in which Mexico, the United States and Canada cooperate with each other in order to benefit in key aspects such as electronic commerce, levels of competitiveness, the financial health of small and medium-sized enterprises, the telecommunications sector and even promote anti-corruption mechanisms with the aim of providing greater stability to these countries.
However, one of the goals pursued by this agreement is to reduce dependence on imports of resources from the Asian continent, which is linked to the tense relations that both China and the United States have had in recent years. Among the benefits expected with this important agreement is to boost the production of raw material that until now is only possible from Asia, as reported by José Abugaber, president of the Confederation of Industrial Chambers (Concamin).
A good example presented by Abugaber, has been the production of certain very specific components used for the assembly of aircraft, which so far depend on Asian imports for such purposes. Although this is not only limited to the manufacture of screws and other parts for this means of transport, since it is also expected to increase the production of auto parts, televisions and a wide range of electrometric in order to avoid high import costs and be able to sell them at a much lower price in the local market.
The USMCA represents important revenues for Mexico
The USMCA represents an unprecedented growth opportunity for Mexico due to its convenient proximity to the United States and Canada, and is that if this agreement is carried out with the expected results, the country would be receiving an estimated income of 35 billion dollars just by dispensing with most of the imports from the Asian continent and expanding its nearshoring operations as reported by the Bank. Inter-American Development Agency (IDB).
The need to reduce dependence on imports from Asia becomes more evident when data from the Bank of Mexico (Banxico) are taken into account, which report a total of 49 thousand 407.4 million dollars spent on imports during the past 2022, with the Asian continent being an important part in these operations with 38.3%. The latter makes it clear that China is currently still the country that exports the most to Mexico, with a total of 9 thousand 44 million dollars.
Undoubtedly, when talking about the USMCA we are talking about an agreement that promises various benefits in international trade for Mexico, increasing the movement of imports and exports for this country. Operations that must be accompanied by insurance companies that know how to analyze the possible risks in the transport of the goods, thanks to their experience.
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