The Federal Government said in the Economic Package for 2021 that the ratification of the Treaty between Mexico, the United States and Canada (T-MEC) and the reconfiguration of trade due to geopolitical changes worldwide will promote an accelerated and sustained recovery of the economic activity of the country in the next year.
“Although the fall in the value of exports has been greater compared to other recession episodes, such as in 2009, the recovery has also been significant,” the report said.
In July 2020, exports already recovered 96.8 percent of the value lost since the beginning of the year, a period in which effects on international trade due to COVID-19 began to be seen.
The federal government pointed out that it will “light a candle” to the T-MEC, since thanks to this trade agreement the country will be able to improve the business environment, since it provides certainty to commercial operations and investment.
Another factor that helped the Mexican economy to register positive figures in the next year is the geopolitical changes, since these have favored Mexico. Furthermore, Juan Carlos Baker, former undersecretary of Foreign Trade, considered that he has no doubt that Mexico’s economic recovery will be led by the export sector, as happened with the crisis of 1995 and 2008-2009.
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