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Economy of Mexico



Main article: North American Free Trade Agreement
NAFTA emblem
NAFTA emblem

The North American Trade Agreement (NAFTA) is by far the most important Trade Agreement Mexico has signed both in the magnitude of reciprocal trade with its partners as well as in its scope. Unlike the rest of the Free Trade Agreements that Mexico has signed, NAFTA is more comprehensive in its scope and was complemented by the North American Agreement for Environmental Cooperation (NAAEC) and the North American Agreement on Labor Cooperation (NAALC).

The NAAEC agreement was a response to environmentalists' concerns that companies would relocate to Mexico or the United States would lower its standards if the three countries did not achieve a unanimous regulation on the environment. The NAAEC, in an aim to be more than a set of environmental regulations, established the North American Commission for Environmental Cooperation (NACEC), a mechanism for addressing trade and environmental issues, the North American Development Bank (NADBank) for assisting and financing investments in pollution reduction and the Border Environmental Cooperation Commission (BECC). The NADBank and the BECC have provided economic benefits to Mexico by financing 36 projects, mostly in the water sector. By complementing NAFTA with the NAAEC, it has been labeled the "greenest" trade agreement.[69]

The NAALC supplement to NAFTA aimed to create a foundation for cooperation among the three members for the resolution of labor problems, as well as to promote greater cooperation among trade unions and social organizations in all three countries, in order to fight for the improvement of labor conditions. Though most economists agree that it is difficult to assess the direct impact of the NAALC, it is agreed that there has been a convergence of labor standards in North America. Given its limitations, however, NAALC has not produced (and in fact was not intended to achieve) convergence in employment, productivity and salary trend in North America.[70]

The agreement fell short in liberalizing movement of people across the three countries. In a limited way, however, immigration of skilled Mexican and Canadian workers to the United States was permitted under the TN status. NAFTA allows for a wide list of professions, most of which require at least a Bachelor's degree, for which a Mexican or a Canadian citizen can request TN status and temporarily immigrate to the United States. Unlike the visas available to other countries, TN status requires no sponsorship, but simply a job offer letter.

The overall benefits of NAFTA have been quantified by several economists, whose findings have been reported in several publications like the World Bank's Lessons from NAFTA for LA and the Caribbean,[70] NAFTA's Impact on North America,[71] and NAFTA revisited by the Institute for International Economics.[15] They assess that NAFTA has been positive for Mexico, whose poverty rates have fallen, and real income salaries have risen even after accounting for the 1994–1995 Economic Crisis. Nonetheless, they also state that it has not been enough, or fast enough, to produce an economic convergence nor to reduce the poverty rates substantially or to promote higher rates of growth. Some have suggested that in order to fully benefit from the agreement Mexico should invest in education and promote innovation as well as in infrastructure and agriculture.[70]

Contrary to popular belief, the maquiladora program was in place far before NAFTA, in some sense dating all the way back to 1965. A maquiladora manufacturer operates by importing raw materials into Mexico either tariff free (NAFTA) or at a reduced rate on a temporary basis (18 months) and then using Mexico's relatively less expensive labor costs to produce finished goods for export. Prior to NAFTA maquiladora companies importing raw materials from anywhere in the world were given preferencial tariff rates by the Mexican government so long as the finished good was for export. The US, prior to NAFTA, allowed Maquiladora manufactured goods to be imported into the US with the tariff rate only being applied to the value of non US raw materials used to produce the good, thus reducing the tariff relative to other countries. NAFTA has eliminated all tariffs on goods between the two countries, but for the maquiladora industry significantly increased the tariff rates for goods sourced outside of NAFTA.

Given the overall size of trade between Mexico and the United States, there are remarkably few trade disputes, involving relatively small dollar amounts. These disputes are generally settled in WTO or NAFTA panels or through negotiations between the two countries. The most significant areas of friction involve trucking, sugar, high fructose corn syrup, and a number of other agricultural products.[40]

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See also

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References

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  4. ^ GNI PC 2006 The World Bank.
  5. ^ Goldman Sachs Paper No.134 Relevant Emerging Markets
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  7. ^ Perry, G.E.; López, J.H.; Maloney, WF. & et, al. (2006), Poverty Reduction and Growth: Virtuous and Vicious Cycles, Washington, DC: The International Bank for Reconstruction and Development / The World Bank, p. p.148, <http://siteresources.worldbank.org/EXTLACOFFICEOFCE/Resources/870892-1139877599088/virtuous_circles1_complete.pdf> 
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  11. ^ (Spanish)Legislatura LIII - Año I - Período Ordinario - Fecha 19850910 - Número de Diario 19. Crónicas del Congreso de la Unión. Retrieved on 2007-02-16.
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  14. ^ (Spanish)Valuación Peso Dolar 1970–2006. Retrieved on 2007-02-16.
  15. ^ a b c d e f Hufbauer, G.C. & Schott, J.J . (October, 2005), “Chapter 1, Overview”, NAFTA Revisited: Achievements and Challenges, Washington, DC: Institute for International Economics, pp. 1–78, ISBN 0-88132-334-9, <http://www.iie.com/publications/chapters_preview/332/01iie3349.pdf> 
  16. ^ a b c d e f g Gereffi, G & Martínez, M (September 30, 2004), “Mexico's Economic Transformation under NAFTA”, in Crandall, R; Paz, G & Roett, R, Mexico's Democracy at Work: Political and Economic Dynamics, Lynne Reiner Publishers, ISBN 10-1588263002 
  17. ^ Total GNI Atlas Method 2006, World Bank (PDF). Retrieved on 2007-02-16.
  18. ^ GNI per capita 2006, Atlas method and PPP, World Bank (PDF). Retrieved on 2007-02-16.
  19. ^ (Spanish)Reporte ECLAC (PDF). Retrieved on 2007-02-16.
  20. ^ (Spanish)Tasas de Interés, Banco de México. Retrieved on 2007-02-16.
  21. ^ UNDP Human Development Report 2007/2008. Table 1: Human Development Index. Retrieved on 2008-03-20. page 229-232
  22. ^ a b Mexico: Income Generation and Social Protection for the Poor. Retrieved on 2007-02-16.
  23. ^ Executive Summary
  24. ^ Poverty Line of all countries. The World Factbook. CIA.
  25. ^ Migration Can Deliver Welfare Gains, Reduce Poverty, Says Global Economic Prospects 2006. Retrieved on 2007-02-16.
  26. ^ a b (Spanish)Informe Anual, 2004, Banco de México. Retrieved on 2007-02-16.
  27. ^ a b c Hernández-Coss, R (2005), The U.S.–Mexico Remittance Corridor: Lessons on Shifting from Informal to Formal Transfer Systems, The World Bank, <http://siteresources.worldbank.org/EXTAML/Resources/396511-1146581427871/US-Mexico_Remittance_Corridor_WP.pdf> 
  28. ^ (Spanish)Fernández, E; Montaño, T.. "Migrantes aportan dinero para obras", El Universal, October 9, 2006. Retrieved on 2007-02-16. (Spanish) 
  29. ^ (Spanish)Programa de las Naciones Unidas para el Desarrollo (2005). "Informe sobre desarrollo humano, México, 2004" (PDF). . United Nations Retrieved on 2007-02-16.
  30. ^ (Spanish)INEGI. Producto interno bruto por entidad federativa. Participación sectorial por entidad federativa. Retrieved on 2007-02-16.
  31. ^ (Spanish)INEGI. Producto interno bruto por entidad federativa. Variación anual. Retrieved on 2007-02-16.
  32. ^ (Spanish)CONAPO. Indices de Desarrollo Humano (PDF). Retrieved on 2007-02-16.
  33. ^ a b Major Food and Agricultural Commodities and Producers. Retrieved on 2007-02-16.
  34. ^ (Spanish) Ejido. Retrieved on 2007-05-29.
  35. ^ (Spanish)Secretaría de Reforma Agraria. Las Transformaciones del Cardenismo. Retrieved on 2007-05-29.
  36. ^ Secretaría de Reforma Agraria. Nuevas Demandas Campesinas. Retrieved on 2007-05-29.
  37. ^ (Spanish)Secretaría de Reforma Agraria. Trasformación Institucional. Retrieved on 2007-05-29.
  38. ^ a b Zanhiser, S & Coyle, W. (2004), U.S.-Mexico Corn Trade During the NAFTA Era: New Twists to an Old Story, <http://www.ers.usda.gov/publications/FDS/may04/fds04D01/>. Retrieved on 28 September 2006 
  39. ^ Instituto Nacional de Geografía, Estadística e Informática. [Banco de Información Económica. Retrieved on 2007-02-16.
  40. ^ a b Hufbauer, G.C. & Schott, J.J . (October, 2005), “Chapter 5, Agriculture”, NAFTA Revisited: Achievements and Challenges, Washington, DC: Institute for International Economics, pp. 283–363, ISBN 0-88132-334-9, <http://www.iie.com/publications/chapters_preview/332/05iie3349.pdf> 
  41. ^ Nadal, A. (2002), “Zea Mays: Effects of Trade Liberalization of Mexico's Corn Sector”, in Deere, C.L., Greening the Americas, MIT Press, Cambridge, MA, ISBN-10: 0262541386 
  42. ^ Potato World
  43. ^ ISAAA Briefs
  44. ^ http://www.signonsandiego.com/news/mexico/20071211-1327-mexico-sugar-.html Sign on San Diego
  45. ^ Hufbauer, G.C. & Schott, J.J . (October, 2005), “Chapter 6, The Automotive Sector”, NAFTA Revisited: Achievements and Challenges, Washington, DC: Institute for International Economics, pp. 1–78, ISBN 0-88132-334-9, <http://www.iie.com/publications/chapters_preview/332/06iie3349.pdf> 
  46. ^ Federal Trade Commission. With Conditions, FTC Allows Cemex’s Acquisition of RMC. Retrieved on 2007-05-29.
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  48. ^ Energy Information Administration. Top World Oil Net Exporters and Producers. Retrieved on 2007-02-16.
  49. ^ América Economia. Top 500 Companies in Latin America (Requires subscription). Retrieved on 2007-02-16.
  50. ^ The Mark Twain Institute. Mexico Services Sector posts strong growth, Argentina falls behind. Based on Latin Business Chronicle on Services in Latin America. Retrieved on 2007-02-16.
  51. ^ UNTWO. World's Top Tourism Destinations (absolute numbers) (PDF). Retrieved on 2007-02-16.
  52. ^ Mexico: Financial System Stability Assessment Update (PDF). Retrieved on 2007-05-29.
  53. ^ Grupo Financiero Banamex. Retrieved on 2007-02-16.
  54. ^ (Spanish) Acerca de Bancomer. Retrieved on 2007-02-16.
  55. ^ Globalization: The Role of Institution Building in the Financial Sector. The Case of Mexico (PDF). Retrieved on 2007-02-16.
  56. ^ a b c Country Finance Main Report: April 26, 2006 (Mexico) (Requires subscription). Retrieved on 2007-02-16.
  57. ^ (Spanish) Mantiene sistema financiero baja penetración: Werner. Retrieved on 2007-02-16.
  58. ^ (Spanish) Zúñiga, Juan Antonio (2006-02-20), “El crédito a la agricultura cayó 45.5% en 6 años”, La Jornada, <http://www.jornada.unam.mx/2007/02/20/index.php?section=economia&article=028n1eco> 
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  60. ^ Country Finance Main Report: April 26th 2006 (Mexico) Securities Market Overview
  61. ^ (Spanish)Ley Monetaria de los Estados Unidos Mexicanos (PDF). Retrieved on 2007-05-29.
  62. ^ (Spanish)CF109 - Reporte sobre las reservas internacionales y la liquidez. Retrieved on 2007-05-29.
  63. ^ Yuste, José (2008). "Corto con Tasas de Referencia. Mundo Ejecutivo. Access date: 20 February 2007
  64. ^ (Spanish) Sobre México. Retrieved on 2007-02-16.
  65. ^ a b WTO. World Trade in 2005 - Overview (PDF). Retrieved on 2007-02-16.
  66. ^ With data as reported by INEGI at http://www.inegi.gob.mx
  67. ^ (Spanish) EFE (2006-07-21), “Espera México ser miembro del Mercosur”, El Universal, <http://www.eluniversal.com.mx/notas/363904.html> 
  68. ^ Think Tank Proposes FTA with EU, Mexico. Retrieved on 2007-05-29.
  69. ^ Hufbauer, G.C. & Schott, J.J . (October, 2005), “Chapter 3, Environment”, NAFTA Revisited: Achievements and Challenges, Washington, DC: Institute for International Economics, pp. 1–78, ISBN 0-88132-334-9, <http://www.iie.com/publications/chapters_preview/332/03iie3349.pdf> 
  70. ^ a b c Lederman, Daniel; William F. Maloney & Luis Servén (2004). Lessons from NAFTA for Latin American and Caribbean Countries: A Summary of Research Findings. The World Bank. ISBN-10: 0821358138. 
  71. ^ Weinstraub, S (2004). NAFTA's Impact on North America: The First Decade. CSIS Press: Washington, DC. ISBN-10: 089206451X. 
v • d • e
North American Free Trade Agreement (NAFTA)
Canada • Mexico • United States
v • d • e
Member economies of the Asia-Pacific Economic Cooperation (APEC)
v • d • e
Caribbean Community (CARICOM)
Members Flag of the Caribbean Community
Associate members
Observers
1 Member of the Community but not of the CARICOM Single Market and Economy (CSME).   2 British overseas territory awaiting entrustment to join the CSME.
v • d • e
Organisation for Economic Co-operation and Development (OECD)
v • d • e
Members of the World Trade Organization (WTO)

Albania · Angola · Antigua and Barbuda · Argentina · Armenia · Australia · Bahrain · Bangladesh · Barbados · Belize · Benin · Bolivia · Botswana · Brazil · Brunei (Brunei Darussalam) · Burkina Faso · Burma · Burundi · Cambodia · Cameroon · Canada · Central African Republic · Chad · Chile · China (PRC) · Colombia · Democratic Republic of the Congo · Republic of the Congo · Costa Rica · Côte d'Ivoire · Croatia · Cuba · Djibouti · Dominica · Dominican Republic · Ecuador · Egypt · El Salvador · European Union¹ · Former Yugoslav Republic of Macedonia (FYROM) · Fiji · Gabon · The Gambia · Georgia · Ghana · Grenada · Guatemala · Guinea · Guinea-Bissau · Guyana · Haiti · Honduras · Hong Kong² · Iceland · India · Indonesia · Israel · Jamaica · Japan · Jordan · Kenya · South Korea · Kuwait · Kyrgyzstan · Lesotho · Liechtenstein · Macau² · Madagascar · Malawi · Malaysia · Maldives · Mali · Mauritania · Mauritius · Mexico · Moldova · Mongolia · Morocco · Mozambique · Namibia · Nepal · New Zealand · Nicaragua · Niger · Nigeria · Norway · Oman · Pakistan · Panama · Papua New Guinea · Paraguay · Peru · Philippines · Qatar · Rwanda · St. Kitts and Nevis · St. Lucia · St. Vincent and the Grenadines · Saudi Arabia · Senegal · Sierra Leone · Singapore · Solomon Islands · South Africa · Sri Lanka · Suriname · Swaziland · Switzerland · Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu³ · Tanzania · Thailand · Togo · Tonga · Trinidad and Tobago · Tunisia · Turkey · Uganda · Ukraine · United Arab Emirates · United States · Uruguay · Venezuela · Vietnam · Zambia · Zimbabwe

  1. All twenty-seven member states of the European Union are also members of the WTO in their own right: Austria • Belgium • Bulgaria • Cyprus • Czech Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia • Lithuania • Luxembourg • Malta • Netherlands and Netherlands Antilles • Poland • Portugal • Romania • Slovakia • Slovenia • Spain • Sweden • United Kingdom.
  2. Special Administrative Region of the People's Republic of China.
  3. Designated name for the Republic of China (Chinese Taipei)

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