MEXICO CITY, Dec. 15 (Xinhua) -- A North American free-trade agreement alone cannot spur economic growth in Mexico, a private sector think tank said on Sunday.
Mexico needs to take additional measures, namely modernizing its productive sector, the Private Sector Center for Economic Studies (CEESP) said in its weekly report.
"Once it takes effect, the agreement is expected to have a significant impact on economic growth and improved employment," the center said, referring to the United States-Mexico-Canada Agreement (USMCA).
"The USMCA is a necessary factor (for growth), but it is not enough to achieve those objectives," said the center, which is part of the Business Coordinating Council (CCE).
"Other factors are needed that will lead to the modernization of the economy, so that it will be possible to take full advantage of the opportunities that arise" from the free-trade deal, said the center.
Mexico will need to take measures to boost productivity and lower the costs of production, said the CEESP.
In addition, the agricultural sector needs to be modernized to improve efficiency so it can compete on a large scale, the report said.
In 2018, Mexico, Latin America's second largest economy after Brazil, saw a 2.1 percent growth in GDP.
