The Treaty between Mexico, the United States and Canada (T-MEC) was signed this Friday by the leaders of the three countries, as part of the G20 meeting held in Buenos Aires, Argentina.


Enrique Peña Nieto, Donald Trump, Presidents of Mexico, United States, respectively, and the Canadian Prime Minister, “reiterated that this agreement strengthens the commercial integration of North America, maintaining it as one of the most competitive regions in the world,” according to with a statement issued by the Presidency of Mexico.


According to the text, the T-MEC incorporates elements to address the social impact of international trade, “because it facilitates the participation of more sectors of the economy, extends the protection of workers’ rights, strengthens the protection of the environment and integrates a revision clause that will facilitate its constant updating ”


With this heading, the negotiation phase of the treaty is closed, giving way to the legislative approval stage, in accordance with the respective internal processes of each of the countries. In the case of Mexico, the T-MEC will be sent by the Federal Executive to the Senate of the Republic, for consideration and eventual ratification.


During the signing of the T-MEC were the Secretary of Economy of Mexico, Ildefonso Guajardo Villarreal; the US trade representative, Robert Lighthizer, and the Canadian Foreign Minister, Chrystia Freeland.


The signature of the T-MEC is given after 13 months of negotiations between the three countries and precisely on the last day of the administration of Enrique Peña Nieto, who delivered the courier tomorrow to Andrés Manuel López Obrador, who will be the president of Mexico during the period 2018-2024.


T-MEC will be the new commercial tool that will replace the North American Free Trade Agreement (NAFTA), which for a little more than two decades helped to build supply chains between the three countries in industries such as automotive, aerospace, electronics, among others, and which are a relevant part of the three economies.


“The success of the modernization process of the treaty is, without a doubt, a crucial factor for the advancement of our economy, particularly of the activities that depend directly and indirectly on the export effort undertaken decades ago and consolidated from the effort of the companies of world class that took advantage of the agreed opportunities “assured Francisco Cervantes Díaz, President of the Confederation of Industrial Chambers of the United Mexican States (Concamin).


During his participation, along with that of the entire private sector in the Cuarto de Junto, which is located in Buenos Aires, Eugenio Salinas, President of the Commission for Foreign Trade and International Affairs of CONCAMIN, added that the trade agreement strengthens the position of Mexico, contains the provisions for fair trade and means a guarantee of greater investments for our country: “without a doubt, this agreement will maintain and increase Mexico’s competitiveness, in addition to attracting investments”.