North America aims to make 25% of what it imports from Asia, Mexico says

Mexican foreign minister said they will need to invest in order to accelerate the process which would increase the country's growth by two percentage points

Reuters
Published : 13 Jan 2023, 09:18 AM
Updated : 13 Jan 2023, 09:34 AM

Mexico, the United States and Canada plan to produce in North America 25% of what they currently import from Asia under a new drive to promote the integration of the region's economy, Mexican Foreign Minister Marcelo Ebrard said on Thursday.

Ebrard was speaking about the outcome of meetings this week in Mexico City between US President Joe Biden, Mexican President Andres Manuel Lopez Obrador and Canadian Prime Minister Justin Trudeau.

Ebrard said four representatives from each country will work on the import substitution scheme previously outlined by Lopez Obrador on Tuesday. He did not say how quickly the region planned to achieve the target.

Mexico will need to invest in order to accelerate the process, Ebrard said, noting that such investments would increase the country's growth by two percentage points.

Ebrard also said that the United States and Canada will participate in Mexico's plans to boost solar energy output and develop industry in the northern border state of Sonora.

Leaders from the three countries vowed on Tuesday to tighten economic ties, produce more goods regionally and boost semiconductor output after meeting in Mexico City.

Toufique Imrose Khalidi
Editor-in-Chief and Publisher