The border wall between the U.S. and Mexico is seen in San Diego, the United States, April 30, 2018. Hundreds of Central American migrants arrived in Mexican border city Tijuana making a mass request for US asylum.(Xinhua/Huang Heng)
In June, Mexico became the first of the three trade partners to ratify the USMCA, which still need the nods of the U.S. Congress and the Canadian Parliament before it goes into effect.
MEXICO CITY, Sept. 24 (Xinhua) -- The ratification of the United States-Mexico-Canada Agreement (USMCA) will increase trade and foreign investment in Mexico, Mexican President Andres Manuel Lopez Obrador said Tuesday.
"I believe that, with the ratification of the treaty, foreign investment will increase much more, there will be further development in the manufacturing industry, (and) there will be much more development in both the domestic and export markets," the president told a press conference.
Lopez Obrador said that for his administration, which took office on Dec. 1, it is very important that the United States and Canada ratify the USMCA, given the benefits it would bring to the three nations.
"Favorable conditions are being created not only in oil (prices). Actually, there are storm clouds gathering internationally regarding oil, (while) there are favorable conditions for Mexico regarding trade," he said.
Octavio Romero Oropeza, CEO of the Mexican state-run oil company Petroleos Mexicanos, said that a rise in oil production is predicted for this year.
In June, Mexico became the first of the three trade partners to ratify the USMCA, which still need the nods of the U.S. Congress and the Canadian Parliament before it goes into effect.
On Nov. 30, 2018, the heads of state of Mexico, Canada, and the United States signed the new trade deal, which was to replace the North American Free Trade Agreement (NAFTA), at the G20 summit in Buenos Aires, Argentina.
The NAFTA was renegotiated at the insistence of U.S. President Donald Trump, who blamed the 1994 agreement for the loss of industrial jobs in the United States. ■
