Strategies to reduce dependence on China must be strengthened: AMLO

Mexico City. Mexico must strengthen its strategies to reduce its dependence on Chinese imports, which will allow it to advance in self-sufficiency in various products and consolidate the Mexican economy and, in general, the economy of North America, said President Andrés Manuel López Obrador. He noted that progress has been made gradually to the point that Mexico has displaced China as the main commercial partner of the United States.

During his press conference, López Obrador said that imports from China could be further reduced, but that does not mean eliminating them because, he said, it is necessary to have an economy open to the world, not to close economies but to move towards self-sufficiency.

Present in the Treasury Hall, the Secretary of the Treasury, Rogelio Ramírez de la O, said that if Mexico manages to reduce by 10 percent the products it imports from China, this would represent an increase of 1.4 percentage points in its Gross Domestic Product, while if this is extended to the United States, it would have an upward impact of 0.8 percentage points on its GDP and 0.2 percentage points in the case of Canada.

He explained that this would have repercussions on job creation, since in the Mexican case this would represent the creation of 560 thousand jobs, while in the United States it would be 600 thousand and in Canada 150 thousand.

He explained that it would be important to reduce imports in manufacturing sectors such as medical equipment, pharmaceuticals, electronics, metals, automotive parts, and electrical and non-electrical machinery.

López Obrador said that this is what is called the Mexico Plan, but now they call it nearshoring“they were pirated.”