"USMCA Insights: Rising Exports and Foreign Investment Amidst Stagnant Economic Growth" | Economy and Business | EL PAÍS English

A finales de la década de 1990, el entonces presidente mexicano Carlos Salinas de Gortari había concluido exitosamente la renegociación de la deuda externa y ya tenía en mente su siguiente objetivo: firmar un acuerdo de libre comercio con los Estados Unidos para impulsar el crecimiento económico del país. Con un posgrado en Harvard, Salinas de Gortari veía esta oportunidad como un medio para mejorar las condiciones económicas de México. Con el inicio de la década de 1990, nació el Tratado de Libre Comercio de América del Norte (TLCAN).

The Mexican media at the time reported on the promises of growth that the agreement between Mexico, the U.S. and Canada held in terms of tax revenue, investment and exports. It would even curb migration, given the promise of more jobs in the three signatory countries. After nearly four years of negotiations, lobbying and drafting, the ambitious initiative passed both houses of the U.S. Congress in November 1993, as well as the Mexican Congress. Despite opposition from many sectors, especially from trade unions, NAFTA — now repurposed as USMCA — was declared a triumph, and was finally given the green light on January 1, 1994, with the elimination of 5,900 tariff items in Mexico and the modification of some 20 articles of the Constitution.

Thirty years later, the trade agreement has its pros and cons for Mexico. Experts agree that, over this period, Mexico has positioned itself as an assembler and exporter to North America but has fallen short in other areas such as innovation and growth.