Mexico must look to Latin America for new trade options: official

LOS CABOS, Baja Calif. — Juan Cortina Gallardo, President of the Latin American Business Council (Consejo Empresarial de América Latina, abbreviated CEAL) in Mexico said that Mexico should increase trade with Latin America given the possible ending of the North American Free Trade Agreement (NAFTA).

Juan Cortina Gallardo, President of the Latin American Business Council.  Photo: Taken from CEAL Facebook account

During the 28th CEAL plenary meeting in Los Cabos, Baja California, Cortina Gallardo said that it is necessary and urgent to activate each and every one of the markets in which Mexico has access. Thus to strengthen its economy, Mexico has to achieve a deep integration level with countries in Latin America starting with small and medium-sized enterprises (SMEs) that generate most of the jobs in the region.

Cortina Gallardo explained that trade with the United States has a major role in economic growth and development for Mexico, yet given the protectionism of the US administration, we should think of
others to trade with Latin American markets.

“We have to look for other markets and continue with the model of an open economy {…} the world is changing and we have to remain competitive in Mexico and the region,” he said.

According to the CEAL, Mexicans conceive Latin America as the main investment destination, representing an investment of about USD$42 billion per year.