October 2nd, 2017 - Curated over the past week.
Mexico on Wednesday opened the possibility that talks to revamp the NAFTA trade agreement were so complex that they could run into 2018, beyond an end-December deadline designed to avoid Mexico’s presidential election campaign which kicks off in March.
For the first time, Peru managed to surpass Chile as China's top source of imported copper concentrates, an article by Chilean El Mercurio newspaper revealed. The southern gazette mentioned figures by Bloomberg claiming Peru exported 3. 22 million tons of copper concentrates to the Asian Giant last August, whereas Chile shipped 2. 72 million.
NAFTA 2. 0 – indeed, any modern trade agreement – needs to cover issues that weren’t part of the original deal. That includes significant considerations in data and privacy protection, cyber-security, e-commerce, robotics, and artificial intelligence. Further, it must consider how all of these will affect consumer behavior, corporate strategies, job creation and skill development. A few examples illustrate the point. Through the 1990s, IT companies outside the U. S. imported large, bulky computers from the U. S. for their data centers, requiring specialized personnel and facilities at their corporate buildings to maintain the equipment. Today that equipment is being replaced by cloud computing platforms – the corporate datacenter is no longer a place, but a service. The need to move powerful computing equipment across the border has been replaced by data that flows freely over the internet.
European Union nations led by France and Ireland have proposed postponing a farm trade offer to South America's Mercosur bloc until rules are agreed to avoid unfair competition, diplomats said on Thursday, creating a potential obstacle to a deal. In a letter to the European Commission, the countries said they were particularly vulnerable to imports of beef, ethanol, sugar and poultry from Mercosur and said an EU offer of import quotas would be "untimely" until a "level playing field" could be agreed.
Mexican registered a wider-than-expected $2. 73 billion trade deficit in August as imports of petroleum and other goods outpaced gains in factory exports.
Tahoe Resources is weighing up its options after Guatemalan authorities declined to renew the export credential for its Escobal silver mine. Earlier this month, Tahoe said it had petitioned the supreme court to order the energy and mines ministry (MEM) to renew the annual credential.
U. S. Trade Representative Robert Lighthizer, Canadian Foreign Affairs Minister Chrystia Freeland and Mexican Secretary of the Economy Ildefonso Guajardo said they have completed the chapter on small- and medium-sized enterprises in remarks at the end of the third round of NAFTA talks in Ottawa.
The third round of talks to renegotiate the North American Free Trade Agreement wrapped Wednesday with the spectre of a U. S. withdrawal by President Donald Trump looming ever larger, thanks to slow progress on major issues. The languid pace of the talks is being widely blamed on the lack of concrete proposals being brought by the U. S. -- fuelled by internal U. S. divisions -- but there is also grumbling about a lacklustre showing by some Canadian negotiators.
Peruvian pisco exports grew at an annual average rate of 12% between 2011 and 2016, thus proving the national drink's presence in the international market, Peruvian Exporters Association (ADEX) Chairman Juan Varilias informed. Within this framework, it is worth mentioning pisco shipments amounted to US$8. 647 million last year.
he Congressional Hispanic Leadership Institute (CHLI) will hold its 6th annual Trade & International Affairs Symposium: Exploring New Horizons for Global Trade.
Six weeks into the renegotiation of the North American Free Trade Agreement, the thorniest issues surrounding the pact remain unresolved. The United States, Canada and Mexico wrapped up the third round of trade talks in Ottawa on Wednesday, and negotiators from all sides said they are working nights and weekends to bring the deal to a close.
Announcing this in a media statement on Friday, International Enterprise (IE) Singapore said the island republic's investments in LAC rose as the region's economy recovers from a slowdown. Singapore's stock of direct investments grew at a compounded annual growth rate (CAGR) of 9 per cent over a five-year period, reflecting Singapore companies' continued interest in the region.
An official in Mexico said he is concerned that the United States is trying to “violate” and “reinvent” trade through renegotiations of the North American Free Trade Agreement. Mexico Secretary of Economy Ildefonso Guajardo said the US is trying to make big changes to NAFTA, but that Mexico won’t accept any alterations to the deal that puts the country behind what it has already been achieving.
Venezuelan chocolatiers are organizing their 5th International Expofair to boost the export of their products, amid the raging economic crisis the country is going through, and are determined to set another Guinness record that will help to promote what many call the “best cocoa in the world.”
Prices for flat steel products imported into South America have all declined this week, making a correction after rising for several months.
The US is reportedly planning to propose the establishment of “seasonal windows” in exchange for agricultural goods from Mexico and Canada. The proposal would be a form of managed trade, establishing seasonal restrictions on imports in North America. Mexico’s negotiators have reportedly gotten word of the planned suggestion with a resoundingly negative response.
Donald Trump had welcoming words for Spain's prime minister, Mariano Rajoy, at the White House. But behind the scenes, US aides got ready to battle Spaniards over olive prices.
NAFTA negotiators wonder why wages for Mexican auto workers are flat or worse
The launching of the North American Free Trade Agreement (NAFTA) negotiations on August 16, 2017 begs a serious and thorough discussion given what it is at stake for the three countries in terms of trade, investment, economic integration, competitiveness, jobs, shared production, and innovation. While a NAFTA modernization has been long overdue, this renegotiation was motivated by the wrong reasons; i. e. to address the United States’ concern regarding its trade deficit with Mexico and to return lost jobs to the U. S. manufacturing sector.
The re-negotiation of the landmark trade deal will shape the country’s future.
The National Association for Business Economics survey of 47 economists found that one-third think the renegotiation will have no impact, while one-fifth think it will harm the economy slightly. Seven percent see its impact as strongly or moderately negative.
The program is expected to be launched in October for participants in the Free and Secure Trade (FAST), a commercial clearance program for known low-risk shipments entering the U. S. from Canada and Mexico, according to Customs and Border Protection (CBP).
As its Mexican mango deal began to wind down in September, Splendid by Porvenir LLC began seasonal sourcing from South America. Daniel Ibarra, a partner with his brother Cheyene Ibarra in owning Splendid, said Brazil follows Mexico as a mango source in September and October.
Import prices of flat steel into South America remained largely unchanged this week, with most buyers waiting on the sidelines due to the volatility in China.
Korea's information and communication technology (ICT) capability and the growth potential of Latin America will join forces to promote economic growth in the fourth industrial revolution era. Korea and 13 countries of Central and South America adopted the Busan Declaration on strengthening cooperation based on ICT in the era of the fourth industrial revolution. The Busan Declaration is a result of the Third Korea-Latin America ICT Ministerial Forum.