{"id":4905,"date":"2020-12-21T10:55:12","date_gmt":"2020-12-21T15:55:12","guid":{"rendered":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/?p=4905"},"modified":"2020-12-21T10:55:12","modified_gmt":"2020-12-21T15:55:12","slug":"t-mec-trade-opportunities-mexico","status":"publish","type":"post","link":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/t-mec-trade-opportunities-mexico\/","title":{"rendered":"A Closer Look at T-MEC: Trade Opportunities in Mexico"},"content":{"rendered":"

We\u2019ve talked at length about a few different elements of CUSMA\/USMCA\/T-MEC and the impact of this \u201cnew NAFTA\u201d agreement on Canadian importers. Today, we\u2019re continuing that knowledge transfer to do a deeper dive at T-MEC, or the Mexico applications of this new FTA (free trade agreement).\u00a0<\/span><\/p>\n

Imports from Canada to Mexico have actually increased from a healthy 756359 USD THO to 866727 USD THO in September 2020. It is projected that these numbers will stay relatively stable into 2021. (<\/span>Trade Economics<\/a><\/strong>)\u00a0<\/span><\/p>\n

The Federal Government\u2019s Trade Commissioner Service (<\/span>TCS<\/a><\/strong><\/span>) is also poised and ready to help Canadian importers navigate and benefit from growing their economic footprint in Mexico.<\/span><\/p>\n

\"t-mec<\/p>\n

In July 2020, The Federal Government of Canada\u2019s website published an article on trade opportunities in Mexico as a result of T-MEC:<\/p>\n

\u201cSigned on the margins of the G20 Leaders\u2019 Summit in Buenos Aires in November 2018, CUSMA outcomes preserve key elements of the long-lasting trading relationship and incorporate new and updated provisions that seek to address 21st-century trade issues and promote opportunities for the nearly half a billion people who call North America home.\u201d<\/span><\/i><\/p><\/blockquote>\n

It has been approximately 6 months since the agreement has been enacted. However, this has been a whirlwind year for the global market as the supply chain process adapted to COVID-19. That said, it\u2019s likely that many importers are struggling to keep up and stay informed on regulatory changes and shifts in FTAs. Below, we\u2019ll do a quick review of the \u201cnew NAFTA\u201d and what you need to know!<\/p>\n

First, there is a general overview of the main new elements of the new NAFTA. In a previous article, we outlined 5 general changes that importers must note:\u00a0<\/b><\/p>\n

1- Rules of Origin<\/b><\/p>\n

2- Rules of Origin for Casual Goods<\/b><\/p>\n

3- Tariff Relief Regulations<\/b><\/p>\n

4- Amendment of Various Regulations and Orders Made Under the Customs Tariff (read more <\/b>here<\/a><\/span><\/strong>.)\u00a0<\/b><\/p>\n

5- Order Repealing Certain Orders Made Under the Customs Tariff<\/b><\/p><\/blockquote>\n

It\u2019s been made clear that CUSMA\/USMCA\/T-MEC will likely benefit many importers in Canada. The modifications to customs orders and regulations will certainly have a notable impact on the global supply chain. But for our purposes, we must note that the importer\/exporter relationship must change to account for more communication and transparency.<\/p>\n

Recommended reading:\u00a0<\/i><\/b><\/p>\n

Trade Compliance: 5 New Orders & Regulations for CUSMA<\/i><\/b><\/a><\/span><\/p>\n

Transitioning to CUSMA: A Toolkit for Importers<\/i><\/b><\/a><\/span> – Toronto-based law firm Blake, Cassels, and Graydon released a tool kit for importers.\u00a0<\/span><\/p>\n

The Benefits of CUSMA for SMEs<\/i><\/b><\/a><\/span> – Summarization of a piece published on the Supply Chain Brain, contributing author and Head of International Trade Affairs at DHL, Eugene Laney on ways to benefit from this FTA<\/span><\/p>\n

CUSMA: Rules Of Origin & Certifying Origin<\/b><\/a><\/span><\/em><\/p>\n

CUSMA\/USMCA: Meet The New NAFTA<\/b><\/a><\/span>\u00a0<\/b><\/em><\/p><\/blockquote>\n

The opportunity for Canadian importers to grow their business in Mexico shows no signs of slowing down.\u00a0 In fact, in 2019, we saw $44 billion in two-way commercial trade last year. Further, Mexico is Canada\u2019s third largest trade partner, after the US and China.<\/p>\n

Canadian trade and investment with Mexico is steadily growing, with over $44 billion in two-way merchandise trade in 2019. Mexico remains Canada’s third largest merchandise trading partner.<\/p>\n

In a piece by <\/span>the Canadian Embassy in Mexico<\/a><\/strong><\/span> on Canada-Mexico trade relations, they outline another exciting reason for trade between the nations:<\/span><\/p>\n

\u201cMexico\u2019s stability, growing consumer class and competitive labour continue to make it an attractive market for Canadian exports and investments. As a result, Mexico has been identified as a priority market for Export Development Canada (EDC), which has operated a regional office in Mexico since 2000, providing extensive financial services related to Canadian exports and investments in the country.\u201d\u00a0<\/span><\/i><\/p><\/blockquote>\n

So far, this agreement has proved itself as a great building block for preserving the health of the Canadian economy in these unsteady times i.e. in the context of a pandemic. The renegotiation of NAFTA has been a valuable asset for strengthening the economic relationship of Canada between the US and Mexico alike.<\/p>\n

If you\u2019d like to learn more about how you can leverage CUSMA\/T-MEC to benefit from trade in Mexico, <\/span>click here to consult with a customs expert<\/a><\/strong><\/span>.\u00a0<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019ve talked at length about a few different elements of CUSMA\/USMCA\/T-MEC and the impact of this \u201cnew NAFTA\u201d agreement on Canadian importers. Today, we\u2019re continuing that knowledge transfer to do a deeper dive at T-MEC, or the Mexico applications of this new FTA (free trade agreement).\u00a0 Imports from Canada to Mexico have actually increased from […]<\/p>\n","protected":false},"author":13,"featured_media":4909,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[9,250],"tags":[],"_links":{"self":[{"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/posts\/4905"}],"collection":[{"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/comments?post=4905"}],"version-history":[{"count":3,"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/posts\/4905\/revisions"}],"predecessor-version":[{"id":4910,"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/posts\/4905\/revisions\/4910"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/media\/4909"}],"wp:attachment":[{"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/media?parent=4905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/categories?post=4905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/wp-json\/wp\/v2\/tags?post=4905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}