The EU-Mexico CEO Dialogue was held yesterday in the Treasury Room of the National Palace, an event that reinforces collaboration between the public and private sectors of both countries. President Claudia Sheinbaum was accompanied by several members of her cabinet, demonstrating the commitment of her government.
Mexico and the United States are main trading partners. Both maintain an indisputable economic interdependence, and the T-MEC has been key to maintaining this flow. In a document released by the Ministry of Economy on the occasion of the event, it is noted that both trade more than 1.5 million dollars per minute and that in the first half of 2024, bilateral trade totaled 415,000 million dollars, 4.8% more than in the same period of 2023.
Although the numbers sound good, how real are the benefits for all sectors of the Mexican economy and the majority of Mexicans? Mexico continues to be one of the three main export destinations for 32 US states, but faces great internal competitiveness challenges. While the US remains the largest investor in Mexico, with $13.8 billion in investments this year, it is unclear how much of those benefits are distributed among the country’s SMEs.
During the event, in which 240 executives from both countries participated, key topics were discussed such as promoting investment to strengthen regional value chains and reduce dependence on Asia. However, how can Mexico achieve this in an environment full of bureaucracy and high production costs? The facilitation of border trade was also discussed, where the digitalization of customs processes and the modernization of border infrastructure are essential, but without real investment and concrete measures, progress will be slow.
Another important issue was the transition to clean energy. Coordination in the generation and distribution of renewable energy was discussed, a measure that would not only contribute to sustainability, but also to regional competitiveness. However, the energy transition in Mexico remains slow and hampered by a dependence on fossil fuels.
The CEO Dialogue, led by the Business Coordinating Council (CCE) and the US Chamber of Commerce, aims to coordinate efforts for the economic development of the region. Companies from sectors such as finance, health, energy, technology and infrastructure were present, seeking to expand their businesses. But the question remains: will these efforts translate into real benefits for the Mexican economy, or will they only benefit large corporations?
After participating in the event, President Sheinbaum announced that in 2025 “four important investments of around $20 billion will be made in our country.”
In conclusion, this dialogue highlights the importance of the relationship between Mexico and the United States, but it takes more than good intentions. Mexico needs to guarantee that foreign investments benefit all sectors of its society. If the country wants to establish itself as a key player in the global economy, it must move from words to actions.
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