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US Visit to Strengthen Trade / USMCA: Leverage for Development

By Ricardo Guzman | Wed, 07/01/2020 - 11:55

US state visit to strengthen trade. Minister of Foreign Affairs (SRE) Marcelo Ebrard confirmed President López Obrador will visit the US on July 8 and 9. The minister said López Obrador and President Donald Trump will discuss bilateral affairs on the first day and that the full agenda is being finalized. “On the afternoon (of July 8), President Trump and President López Obrador will hold a bilateral meeting to address various topics. On the morning of July 9, the trilateral agenda between Mexico, US and Canada will be discussed,” he said. Ebrard noted that the visit is related only to the USMCA trade treaty that official starts today, and that Mexico is committed to strengthening trade, investment and well-being among the three regional partners.

USMCA, leverage for development. The USMCA trade treaty provides “leverage for development” in the face of the COVID-19 pandemic, Minister of Economy Graciela Márquez said. “International trade is very important for the Mexican economy, and that is why the entry into force of USMCA provides leverage for development.” Márquez highlighted that the new agreement is different from NAFTA, since “more sectors, more merchandise and more social groups will benefit from the new trade pact.”

Spanish companies under the spotlight. President López Obrador said complaints of alleged fraud in the energy sector will be filed against former CFE officials and owners or shareholders of the companies involved, most of which are from Spain. “This happened for a long time, before and after the so-called Energy Reform,” he said. The president said the fraud against public finances is a proven fact and that if CFE officials and boards of directors authorized those fraudulent schemes, then they must face legal action. López Obrador said the complaint and subsequent investigation must be well-founded to have a strong case in court.

Lozoya extradition reactions. After the Office of the Attorney General (FGR) reported that Emilio Lozoya had accepted his extradition to Mexico, President López Obrador stressed that it was important that the former PEMEX head disclose what happened regarding alleged bribes with Odebrecht. “Mr. Lozoya accepted the extradition and is willing to discuss everything that happened, all the money that was distributed,” he said. The president noted that this will help to prevent further acts of corruption.

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Click HERE for full transcript in Spanish

Ricardo Guzman Ricardo Guzman Editor