Peña Nieto says he is ‘Optimistic’ about NAFTA deal

Peña Nieto says he is ‘Optimistic’ about NAFTA deal

Jan 12, 2018

(Reuters) – Mexican President Enrique Peña Nieto said on Thursday January 11, that he is optimistic that the United States, Mexico and Canada can successfully renegotiate the North American Free Trade Agreement (NAFTA) to the mutual benefit of the three countries. “I have said so before, I am optimistic about the possibility of getting a deal which benefits the three member states,” Pena Nieto said during a speech in Mexico City. The next round of talks on reworking the 24-year-old trade agreement is due to take place in Montreal later this month. Source:...

FORBES: It is time for Mexico to focus on Asia (and think less about the United States)

FORBES: It is time for Mexico to focus on Asia (and think less about the United States)

Jan 12, 2018

According to Forbes.com, the way the United States closes its economy and ceases to guarantee world peace, forces business leaders to turn to a region that has its own charm. 2018 starts under the sign of uncertainty. An uncertainty to which, in truth, we are already getting used to. In less than two years, an impressive number of events have suddenly changed the world order. It is clear that we are going through a period of transition, but where are we heading to? From the current chaos, the world system features two characteristics:   The first is that there is, at the moment, no superpower capable of taking charge of global security. Among the failures of Afghanistan, Iraq and Syria, and the mismanagement of the Korean question, the US fails to maintain its Pax Americana over the world.   The second characteristic is that the countries of the first world are affected by problems that until yesterday defined the developing countries. Between unrestrained populism, religious and ethnic tensions, and the impoverishment of the middle class, it is no longer the second world (the underdeveloped or emerging countries) that has approached the first world, but it is the first world that is approaching the second.   While the first world suffers, the developing countries continue their race towards economic growth (albeit at different speeds). These countries seem to have definitively renounced any ambition for democratic development. Transitions do not march towards democracy and therefore it would be better to define them as “hybrid regimes”, since they stably combine an imperfect democracy with authoritarian profiles. In addition, as it can be observed in China, liberal and democratic rights are not an essential condition for growth. The Chinese economy grows at a very high rate while maintaining an authoritarian political structure. 2018 will be a year of great opportunities, but also of great challenges as growth in Asia shapes unprecedented geopolitical scenarios. Entrepreneurs in Mexico must become aware of the change and look to the Far East. Source:...

Mexico’s New Year starts with gasoline price hikes

Mexico’s New Year starts with gasoline price hikes

Jan 3, 2018

The fuel price war in Mexico has started with the new year. At some gas stations, the Magna gasoline brand (regular unleaded) reached MXN$17 per liter, Premium gasoline brand (high octane unleaded) exceeded MXN$19 per liter, while in other gas stations the prices averaged MXN$16 and MXN$18 per liter, respectively. Notimex reported the price increase derives from decisions being taken by gasoline businessmen, encompassing transportation, storage, and distribution, who will be able to set prices based on the exchange rate and their operating costs. According to the Energy Regulatory Commission (CRE), users must monitor the prices of service stations near their homes, businesses or jobs to fill their fuel tank at the most affordable gas station. Through a statement, Mexican state oil company (Pemex) reported that the policy of gradual fuel pricing, which has been applied successfully for a year in the country, is being complied, adding that it rejects any speculative comments on alleged increases arisen from them. PEMEX explained that the formula that determines the prices of gasoline and diesel wholesale in Mexico includes mechanisms that reduce their volatility, so “there is no basis to estimate a sharp increase in these prices,” adding that the formula guarantees stability with daily adjustments, in accordance with the conditions of an open and competitive market, as it happens in the rest of the world. Source:...

Mexican Minister of Economy travels to Brussels seeking to close deals

Mexican Minister of Economy travels to Brussels seeking to close deals

Dec 20, 2017

In order to analyze and resolve some of the critical issues for the modernization of the Free Trade Agreement (FTA) between Mexico and the European Union, the Mexican Minister of Economy, Ildefonso Guajardo, has traveled to Brussels, Belgium, seeking to reach some agreements. Amidst concerns regarding the protected designation of origin of some beers, meat, and dairy products, Guajardo will attend the seventh round of negotiations taking place from December 19 to 21. According to a press release by the Ministry of Economy, the Mexican Minister will meet with the EU Trade Commissioner, Cecilia Malmström, to analyze the most critical issues of the negotiation and “ find the balance to conclude this process.” The Minister of Economy will also meet with EU Commissioner for Agriculture and Rural Development, Phil Hogan, to analyze several topics of this industry which are to be added to the Free Trade Agreement. Two weeks ago, Guajardo claimed the deal is “in the final stage” with the negotiation and closure of the most complex issues such as the protected designations of origins, brand recognition, financial services, and investment disputes. Source: El...

President of the National Banking and Securities Commission resigns

President of the National Banking and Securities Commission resigns

Dec 19, 2017

Jaime González Aguadé has resigned as president of the National Banking and Securities Commission (equivalent to the Mexico Stock Exchange), with effect from December 19th. Jaime González Aguadé resigned as president of the National Banking and Securities Commission (CNBV) effective as of December 19, in accordance with his interests. Foto original, tomada del portal web de El Universal Through a letter sent to all the staff of the institution, he expressed his appreciation and gratitude for his commitment and dedication to the Commission and to Mexico, as well as wishing them success in the challenges and opportunities to come. Jaime González Aguadé was appointed President of the CNBV on December 14, 2012 and focused on full compliance with the mandate of the institution entrusted to him. During the last 5 years, Gonzalez Aguadé directed the work of the regulatory and supervisory body of the entities that comprise the Mexican financial system, focused on preserving its stability and promoting its stable development and proper functioning. In the coming days, pursuant to Article 14 of the Law of the National Banking and Securities Commission, the Secretary of the Treasury and Public Credit is responsible for appointing the new president of the CNBV. The Commission reiterates its commitment to be an efficient, modern and respected authority that seeks the stability of the Mexican financial system, in accordance with international best practices, and that contributes to the construction of a prosperous Mexico. Source: Mexico News...

“50-50” odds NAFTA will be terminated (Mexican Ambassador)

“50-50” odds NAFTA will be terminated (Mexican Ambassador)

Dec 6, 2017

Mexico’s ambassador to the U.S. Gerónimo Gutiérrez tells CBS News “We’re now about 50-50” odds NAFTA will be terminated. This follows a fifth round of renegotiations among the U.S., Mexico, and Canada that concluded last month in Mexico City on the nearly 24-year-old free trade agreement. U.S. Trade Representative Robert Lighthizer said in a statement Nov. 21: “I remain concerned about the lack of headway. Thus far, we have seen no evidence that Canada or Mexico are willing to seriously engage on provisions that will lead to a rebalanced agreement. Absent rebalancing, we will not reach a satisfactory result.” Despite the uncertainty of whether NAFTA can be successfully renegotiated, Gutiérrez says over the last year the prospects and efforts toward a new deal have increased. “In spite of important differences, we’re communicating fluently, we’re engaging, and that’s important,” Gutierrez said. “I’m moderately optimistic we can in fact reach an agreement in the next few months.” President Trump has criticized the deal as unfair, behind multi-billion trade deficits with the U.S. Mr. Trump responded to the renegotiations Tuesday at the White House while meeting with Senate Republicans. Clic aquí para leer artículo completo en CBS News Fuente: CBS...