Image credits: Tumisu
News Article

Country Leaders, Top Executives Meet to Celebrate USMCA

By Alessa Flores | Wed, 07/08/2020 - 12:47

Today, just seven days after USMCA's enforcement, Mexico's President Andrés Manuel López Obrador traveled to the US to meet with President Donald Trump to discuss the reintegration of production chains between the two countries to foster economic reactivation and trade activities. Before USMCA, NAFTA generated more than US$20 trillion every year in goods and services. Trade among Canada, the US and Mexico is estimated at US$125 million per hour. Because of this, strengthening the trade dynamics between the US and Mexico is vital for both economies, even more so when both countries have been hit hard by COVID-19.

What about Canada? The Canadian Prime Minister Justin Trudeau will not visit Washington due to tensions with the US over aluminum tariffs. However, Trudeau wished both presidents success in their meeting, according to a note by Aljazeera. To ease tensions and include the Canadian part, López Obrador invited Trudeau to Mexico, to which the Prime Minister replied that he would go "as soon as possible," according to the same note.

The visit was framed by the celebration of USMCA’s enforcement on July 1, although other important topics will also be discussed, explained Martha Bárcena, Ambassador of Mexico to the US in an interview with Milenio. “This is the first official and international trip of López Obrador and it should be noted that the US is the country with which Mexico has the greatest bilateral relationship, not only in commercial matters but in other aspects,” said Bárcena. This trip, according to Bárcena, not only symbolizes a celebration of USMCA but highlights "the relevance of the relations between Mexico and the US." On the other hand, it is expected that the meeting will touch on additional topics contemplated in USMCA, such as labor rights, rules of origin, gender perspective and climate change.

Besides the president, the Mexican delegation will consist of Marcelo Ebrard, Minister of Foreign Affairs; Martha Bárcena, Mexican Ambassador to the US; Graciela Márquez Colín, Minister of Economy; Alfonso Romo Garza, Head of the Presidential Office; Daniel Asaf Manjarrez, Chief Assistant to the President; Roberto Vela, SRE's Director General for North America; Alfredo Miranda Ortiz and Gerardo Lameda Díaz Pérez, high public officials at the Embassy of Mexico in Washington.

After the work meeting between Trump and López Obrador, there will be a dinner with Mexican and American businessmen. Among the Mexican personalities is Patricia Armendáriz, CEO and Owner of Financiera Sustentable de México, who described the opportunity on LinkedIn as an honor “to represent Mexican businesswomen." It should be noted that Armendáriz participated in the development of the financial chapter of the North American Free Trade Agreement (NAFTA) in the 1990s, according to a Milenio note.

In addition to Armendáriz, other great Mexican businessmen will attend the high-level dinner, among them Olegario Vázquez Aldir, Carlos Slim, Marcos Shabot, Ricardo Salinas Pliego, Carlos Hank, Miguel Rincón, Francisco González, Bernardo Gómez, Daniel Chávez and Carlos Bremer. From the US, C-level executives from Archer Daniels Midland, Sempra Energy, Mastercard, International Brotherhood of Teamster, UPS, Fiat Chrysler Automobiles (FCA), Ford Motor Company, General Motors, Microsoft, AES Corporation, Kansas City Southern (KCS), American Farm Bureau Federation, VISA, Apple, Intel Corporation and BlackRock will be present.

Some of the guests are not only great businessmen but millionaire figures in the country. Carlos Slim, Director of Grupo Carso and América Móvil, was ranked by Forbes Mexico as the richest man in the country and is in the Top 10 billionaires in the world with a fortune of more than US$52.1 billion. Followed by Slim, there is Ricardo Salinas Pliego, Owner of TV Azteca and Grupo Elektra with US$11.7 billion and Carlos Hank, President of Grupo Financiero Banorte, Vice President of the Board of Directors of Gruma and General Director of Grupo Hermes with a fortune of US$2 billion. 

Photo by:   Tumisu
Alessa Flores Alessa Flores Senior Journalist and Industry Analyst