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EXCLUSIVE-Mexico courts companies to lure business from Asia under new trade deal

Credit: REUTERS/Carlos Jasso

Mexico has spoken to a host of foreign companies, particularly steelmakers, in an effort to lure business from Asia to capitalize on a new North American trade deal, Economy Minister Graciela Marquez said on Monday.

By Stefanie Eschenbacher and Anthony Esposito

MEXICO CITY, July 20 (Reuters) - Mexico has spoken to a host of foreign companies, particularly steelmakers, in an effort to lure business from Asia to capitalize on a new North American trade deal, Economy Minister Graciela Marquez said on Monday.

The U.S.-Mexico-Canada trade agreement (USMCA) took effect at the beginning of this month and replaced its quarter-century-old predecessor as the coronavirus pandemic wallops the global economy and international trade.

"In steel we see the biggest opportunity," Graciela Marquez, a Harvard-trained economist, told Reuters in an interview. "We want to show these companies the opportunities that open up with this increase in regional content requirements."

Marquez said the government of President Andres Manuel Lopez Obrador has held talks with foreign steelmakers, including South Korea's POSCO 005490.KS, Japan's Nippon Steel Corp 5401.T and Mitsubishi Corp 8508.T and Ternium TX.N, about investing in Mexico to produce steel for the auto sector.

(Reporting by Stefanie Eschenbacher and Anthony Esposito; Editing by Tom Brown)

((anthony.esposito@tr.com; +5255 5282 7140))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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