Tuesday, December 5, 2023

What’s next in the case of transgenic corn between Mexico and the US?

In Chapter 31, the T-MEC considers measures to be followed to resolve conflicts between the three partners and has been used in the three years that the treaty has been in force for issues such as rules of origin in the automotive sector, dairy quotas. and panels.solar.

Now judges who will analyze the USMCA and the arguments of the two countries must be appointed to make a final decision.

Analysts have 180 days (six months) to issue a decision. However, the deadlines of the commercial agreement are not fatal and can be extended if the partners agree.

“At the latest, in May or June next year there should be a decision from the panel,” estimated Juan Carlos Beker, former undersecretary of the Economy and academic of the Universidad Panamericana (UP).

If the decision is against Mexico, the federal government will have 45 days to “comply” with what the T-MEC said. This period can also be extended if the parties agree.

In the case of corn, between January and August the import of grains reached 12.77 million tons, of which 88.4% was bought from the United States, 8.6% from Brazil and the remaining 3% was divided between South Africa, Canada and Argentina, according to information from the GCMA. Mexico imports about $5 billion to the United States.

If the Mexican government does not make appropriate changes, trading partners may impose temporary countervailing tariffs on products and sectors they consider to be compensation for the damage caused by the ban. – import.

“This is a fine of almost 20,000 million dollars in tariffs, 400,000 million pesos, which corresponds to the entire budget of the health sector,” said Jesús Garza, professor of finance and economics at the EGADE Business School.

The United States and Canada will be able to decide whether to impose tariffs on avocados, sugar or the auto sector, to name a few examples, according to Fernando Cruz, partner of the Agricultural Markets Consulting Group (GCMA).

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news