From January 22 – 25, 2024, nearly 30 companies representing some of the largest U.S. investors in Mexico convened in Mexico City to engage in high-level meetings organized by the U.S. Chamber’s U.S.-Mexico Economic Council (USMXECO) in the USMXECO’S largest-ever delegation trip to the country.
In Mexico, U.S. business leaders underscored their commitment to boosting North American competitiveness and supporting Mexico in unlocking its nearshoring potential. Mexico is now the U.S.’s top trade partner, and according to Mexican authorities, U.S.-Mexico trade could surpass $5 billion in the coming years.
Who was there
The USMXECO hosted engagements with the U.S. Embassy in Mexico and senior officials from Mexico’s Ministry of Economy, National Customs Agency of Mexico (ANAM), Federal Commission for the Protection against Sanitary Risks (COFEPRIS), Ministry of Foreign Relations, Ministry of Finance and Public Credit, Ministry of Labor and Social Prevision, and the Mexican Institute of Industrial Property (IMPI), among others.
Our Main Messages
The objectives of the delegation visit were threefold:
- Foster an ongoing, transparent dialogue on technical matters between the Mexican government and the U.S. business community.
- Learn more about the Mexican government’s priorities and identify actions to improve Mexico’s business climate in the near term.
- Engage on various USMCA-implementation-related issues that are affecting the bilateral trade relationship and investor confidence in Mexico.
While in Mexico City, business and government leaders reprised many of the themes that surfaced during the 13th U.S.-Mexico CEO Dialogue relating to USMCA compliance and strengthening Mexico’s business climate. Specifically, the U.S. business community shared with authorities its perspectives on Mexico’s nearshoring potential, including the importance of workforce development and enhanced labor mobility; opportunities to strengthen strategic value chains, including in electric vehicles and medical devices; and the need to fully comply with the USMCA, such as implementation of commitments under the IP and competitiveness chapters.
Key Outcomes
U.S. business leaders and their government counterparts held productive conversations on several shared priorities, especially in the areas of trade facilitation, health care, trade policy, and investment, with key takeaways including:
- The Ministry of Economy detailed the government’s strategy to establish a robust industrial policy centered on five priority sectors: electronics, semiconductors, automotive and electric vehicles, pharmaceuticals and medical instruments, and agroindustry. These sectors will receive fiscal incentives to spur investment and foster supply chain integration in North America.
- To address trade facilitation concerns, ANAM officials committed to ongoing dialogue with the private sector through platforms like the Customs Facilitation Dialogue Forum (FODFA), to develop solutions jointly. The FODFA is the result of the U.S. Chamber’s 2023 CEO Dialogue recommendations to ANAM, and the USMXECO commends ANAM for this continued commitment.
- The Ministry of Finance and Public Credit forecasts that the positive trend in exports to the U.S. will continue this year, particularly benefitting the automotive industry. The Ministry also mentioned its efforts to ensure the continuity of fiscal incentives into the next administration, with a focus on specific sectors rather than regions.
- COFEPRIS has developed a long-term plan extending beyond the current administration to 2030 that emphasizes a roadmap for regulatory certainty, particularly for medical devices. The agency has also made advancements in digitalization, including implementing a single-window system for technical updates to medications and a virtual clinical trial evaluations platform.
- Health authorities emphasized their willingness to listen to private sector proposals to refine the national system for medicine distribution, among other technical areas.
- The Ministry of Foreign Relations highlighted the establishment of fiscal incentives for company relocations as part of a broader strategy to shift supply chains to North America and Mexico.
Looking Ahead
The U.S. business community is committed to working with both the U.S. and Mexican governments to strengthen the bilateral relationship, stimulate sustainable economic growth, and improve overall regional competitiveness. The private sector's role in the U.S.-Mexico relationship cannot be understated, as the bilateral commercial relationship acts as an anchor of continuity. Especially in a year with presidential elections occurring in both countries, the Chamber's strong support of the U.S.-Mexico bilateral relationship has never been more important. We invite you to learn more about the U.S.-Mexico CEO Dialogue here and stay tuned for our upcoming engagements.
About the authors
Megan Bridges
Megan Bridges is Senior Manager for the Americas at the U.S. Chamber of Commerce and supports the U.S.-Colombia Business Council, U.S.-Mexico Economic Council, U.S.-Canada Business Initiative, and Coalition for the Rule of Law in Global Markets.
