American countries are working on import substitution from Asia
2023.01.12 14:42
American countries are working on import substitution from Asia
By Ray Johnson
Budrigannews.com – Mexican Foreign Minister Marcelo Ebrard stated on Thursday that as part of a new initiative to promote the integration of the region’s economy, the United States, Canada, and Mexico intend to produce in North America 25% of what they currently import from Asia.
Ebrard was discussing the outcomes of the meetings that U.S. President Joe Biden, Mexican President Andres Manuel Lopez Obrador, and Canadian Prime Minister Justin Trudeau held this week in Mexico City.
According to Ebrard, four representatives from each nation will work on the import substitution plan Lopez Obrador presented on Tuesday. He did not specify the pace at which the region intended to achieve the goal.
Ebrard stated that Mexico will require investments to accelerate the process, noting that such investments would boost the nation’s growth by two percentage points.
Ebrard also stated that Canada and the United States will participate in Mexico’s plans to increase the output of solar energy and develop industry in Sonora, the northern border state.
After meeting in Mexico City on Tuesday, leaders from the three nations pledged to strengthen economic ties, increase regional product production, and increase semiconductor production.
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