The Mexican president, Andrés Manuel López Obrador, This Friday, it rejected the proposal to de-dollarize trade promoted by the bloc of Brazil, Russia, India, China and South Africa (BRICS) due to the importance of Mexico’s trade with the United States.
“We are going to continue maintaining the dollar as the world’s reference currency in our economic, commercial and financial relationship, basically, for many reasons, among others, because of our neighborhood,” the president declared in his daily press conference.
Of course, we respect what other countries are doing. Due to the circumstances, it is convenient for us to maintain the economic commercial relationship with the United States and Canada. I believe that it was an important achievement that the economic and commercial agreement was ratified,” he added.
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His statements come after the BRICS New Development Bank announced an official de-dollarization plan with a 3-year horizona fact promoted in particular by the president of Brazil, Luiz Inácio Lula.
Besides, The bloc’s leaders announced at their summit in South Africa in August that they would explore mechanisms to trade local currencies to the detriment of the dollar.
But López Obrador rejected Mexico’s participation in these strategies with arguments similar to those he gave before the BRICS summit to justify the refusal to join the bloc.
We have economic and commercial relations with the United States in a way that other countries do not have. For reasons of geopolitics, due to neighborhood, Mexico and the United States are the main economic and commercial partners in the world. “Mexico is the main trading partner of the United States,” he stated.
The Government of Mexico has strengthened its economic growth in trade with the United States, the destination of more than 80% of Mexican exports.
The president even highlighted that Mexico has had growth rates higher than those of the United States for three years.
They are making a lot of progress, especially in their industrialization policy, technological development, they have made very important decisions, to stop depending on Asia for merchandise, for equipment, which can be manufactured in North America,” he mentioned.
Likewise, he boasted about the strength of the Mexican peso, which this year has been one of the most appreciated emerging currencies against the US dollar.
Our currency has strengthened in recent times, as Mexico’s economy is strengthening, we even have higher growth rates than other countries,” he expressed.
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EFE International news agency based in Madrid and present in more than 110 countries.