Prensa release No. 04
Chicago, Illinois, July 1st, 2020
MADE IN USMCA: AN OPPORTUNITY FOR BUSINESSES
Today, on July 1st, 2020, the United States, Mexico, Canada Agreement (USMCA) enters into force, establishing a new era in trade dynamics for the North American region. This mechanism will deepen and strengthen the integration process of our economies. Today, the North American regional GDP accounts for $26 trillions dollars, which represents 18.3% of the world’s GDP.
The trade relationship between Mexico and the United States is of utmost importance for both countries. In 2019, Mexico was -for the first time in history- the main trading partner of the U.S. The value of exports and imports between both countries surpassed $614.5 billion dollars. Our economic partnership is so strong that the number of US exports to Mexico is larger than US exports to China and Japan combined. We have achieved such a high level of dynamism in our economic relationship that trade in goods and services between US and Mexico exceeds $1 million dollars per minute.
Illinois has been a key state in this trade partnership. In 2019, Illinois became our fourth trading partner amongst the 50 US states, with a total trade of $22 billion dollars. Mexico is Illinois’ third trading partner, surpassed only by Canada and China. We are the 2nd export market of Illinois, which means that Mexico is an excellent buyer of Illinois’ products.
If you are interested in learning more about USMCA, we invite you to contact us at the Economic Affairs Section in the Consulate General of Mexico in Chicago or visit our website:
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