Facilitating trade, the key to fighting inflation

CDMX.- Trade facilitation is the key to easing inflation levels observed in the country and around the world as a result of supply chain disruptions due to the covid-19 pandemic, the Ministry of Economy said.

The head of the federal agency, Tatiana Clouthier Carrillo, commented that the global exchange of goods is a key engine for the growth of the Mexican economy.

He said that from January to September, the country’s foreign trade reached more than 727 billion dollars, which means a growth of 27 percent compared to the same period last year and an increase of 6.1 percent, compared to the same period in 2019.

“This is good news and shows how important it is to strengthen our foreign trade and a successful economic reactivation plan,” he said.

He stressed that the federal government is focusing on facilitating trade, tariffs and logistics, such as the work being done with the United States to relocate supply stores and strengthen North American production chains, following the shortage and price increase caused by global health preparedness.

Luz María de la Mora, Deputy Secretary for Foreign Trade, indicated that ratification of the World Trade Organization (WTO) agreement on trade facilitation is expected to reduce trade costs worldwide by an average of 14%.

He stressed that trade facilitation not only reduces costs and increases competitiveness, but that “it can help alleviate the inflationary pressures we all experience in the world.”

“It is an issue that not only affects the efficiency of international trade, but also the competitiveness of the countries participating in foreign trade and affects the competitiveness of companies.”

Valentín Diez Morodo, President of the Mexican Chamber of Commerce for Foreign Trade, Investment and Technology (Comce), stressed that all countries without exception have sought and created elements to create mechanisms that allow them to “continue to carry out exchanges in the best possible way, as the first measures taken to stop the damage were the disruption of operations in certain sectors of the economy ‘.


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