The benefits of the T-MEC for industry

Aug 8, 2022 | The benefits of the T-MEC for industry

Two years after the signing of the Agreement between Mexico, the United States and Canada, the results have been positive for manufacturing companies.

What is the T-MEC?

The Agreement between Mexico, the United States and Canada (T-MEC) is the predecessor of the North American Free Trade Agreement (NAFTA), which has been in force for 26 years. The T-MEC entered into force on July 1, 2020 and brings with it significant differences in addition to the name.

It has new rules, provisions and rights that bring benefits to all countries equally.

Thanks to this agreement, the economies of the countries involved are growing, and Mexico has identified major benefits.

In 2020, Mexico suffered the consequences of the pandemic, and due to the worldwide economic crisis, the country’s economy declined by 8.5%, a drop greater than that of the US and Canada.

However, demand from other countries, especially the United States, for Mexico’s exports has boosted the economy and has allowed for a gradual recovery of the Mexican economy.

An interesting fact is that of the goods that Mexico exports to other countries, the United States receives 80% of the total and Canada only 3%.

It is worth mentioning that one of the sectors that took a short time to recover compared to the others, despite the global situation once activities were restored, was the manufacturing sector.

This represents favorable news for the country’s industrial zones, with positive numbers and a boom in productivity, a greater number of jobs and economic growth in companies.

Benefits of the T-MEC for industrial companies

  • Greater stability and economic security for companies.
  • Changes in labor reform with improvements for the country’s workers.
  • Entry to important and powerful markets.
  • Greater development for the country.
  • Higher employment rate.
  • Increased commercial competitiveness.

If we talk specifically about the current situation in Saltillo, the T-MEC is a great booster for the different companies located in the city, most of them being in the manufacturing sector and perhaps already enjoying the fruits of this treaty.

However, due to the increased growth of companies, the need for the acquisition of more space is increasing, and may be a problem that many companies will begin to experience in the coming years.

Padres Santos can help you. We are dedicated to the rental and sale of warehouses with enough space for your needs and those of your company.

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