An excellent indicator of compliance with the T-MEC commitments is provided by the figures of foreign investment and its maintenance in the country, since it would be counterintuitive for investors to risk their capital in a country where rights protections are not being provided. of intellectual property, where there is corruption in the areas of commerce, and where no limits are imposed on state trading companies, among many other obligations required by the treaty.
But the success of the T-MEC requires many other administrative efforts: improve foreign trade programs, facilitate customs procedures, provide physical and legal security in trade operations, etc. However, despite a stagnation in several of these items, it is likely that our exports will continue to grow significantly due to the phenomenon of nearshoring.
This option attracts foreign investment back to the United States or to nearby countries, due to the reconfiguration of global supply chains and trends related to the sustainability of trade, in part derived from the growing trade tensions with China, the Russia-Ukraine conflict, and the effects on the production of goods necessary to face health problems generated by COVID-19, among others.
According to figures estimated by the Inter-American Development Bank, this phenomenon could generate an increase of up to 78,000.00 million dollars in new exports of goods and services for Latin America and the Caribbean, with Mexico and Brazil being the ones that would benefit the most.
Complying with the T-MEC gives certainty to investors and prevents the diversion of their investments to countries with lower risks. This would perhaps be the main task that our authorities should focus on, since the expected benefits would far exceed any growth forecast for our economy.
Act quickly to “strengthen” the T-MEC and enhance the nearshoringpromoting the results and the advantages that the agreement offers to investors who, yes or yes, will have to leave China, is something that does not require large expenses to convince companies (from the United States and from other regions) of the benefits of this instrument.
Companies are evaluating various destinations (including countries that do not have a treaty of this nature with the United States, such as Brazil), so it would be convenient to offer them all the possible advantages to develop their projects in our country.
