NAFTA Works. Nov 2003 Nov 2004
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1 NAFTA Works A MONTHLY NEWSLETTER ON NAFTA AND RELATED ISSUES VISIT US AT Dec 2004 Volume 9, Issue 12 Inside this issue: New Trade Framework Enhances Mexico Japan Economic Partnership Mexico Economic Update 1 GAMI Investments Inc. vs. Mexico Diario Oficial Notices 2 Selected Readings 3 Success Stories 3 Profile of Morelos 4 Profile of Kentucky 5 NAFTA Related Events New Trade Framework Enhances Mexico Japan Economic Partnership On April 1st, 2005, Mexico and Japan will implement an Economic Association Agreement (EAA) that will propel their economic relationship to new hights. Japan will consolidate its position as Mexico s tenth most important trading partner. At the same time, Mexico will find new opportunities, which include a premier market for its fresh produce, fish and other agricultural commodities. Japan is the eighth largest source of foreign direct investment in the world and has a consumer market with a high average income per capita. Likewise, Mexico will become even more attractive to Japanese investments whose companies have an interest in the North American market at large, including the United States and Canada. Consequently, the new EAA presents opportunities to both countries in many sectors. The process and negotiations of the treaty were not simple. The agreement was delayed for several months due to differences on the schedule of market liberalization for agricultural products. In regards to quantities, negotiators decided that Japan will allow annual imports of 4,000 tons of Mexican orange juice and 80,000 tons of Mexican pork under preferential tariff rates of 2.2% rather than the 4.3% previously proposed. Japan, too, got preferential access to Mexico s market when its authorities accepted the elimination of import tariffs on steel, automobiles and other industrial products bound to Mexico. Overall, the negotiation process equally balanced the benefits of the agreement for both countries. Mexico s agricultural producers benefited greatly from the agreement. Japan is establishing low-tariff import quotas and is providing immediate access for agricultural goods such as green coffee, limes, broccoli, avocado, pumpkin, guayaba fruit, wine, mezcal, tequila, asparagus, garlic, tomato, onion and tobacco among other products. On the other hand, Japan agreed to abolish tariffs on grapes, roasted coffee, melon, frozen broccoli, salsas, frozen strawberries, nuts and grapefruit juice for the next three to seven years; in the long run, tariffs on Mexican bananas will also be removed. In addition, Mexico agreed to immediately liberalize import restrictions by eliminating tariffs altogether on almost half of items not manufactured in Mexico in sectors such as high technology products. Also, Mexico agreed to eliminate tariffs on Japanese auto imports for up to 5% of its total domestic sales during the first year and fully liberalize tariffs after six years. In the long run (approximately 10 years), Mexico will abolish steel tariffs and will allow Japanese business to participate in government procurement for up to US$10 billion. According to governmental sources on both sides, the Japanese elimination of tariffs on Mexican agricultural and fishery goods represent 44% of the total Japanese agricultural and fishery imports from Mexico. Equally, Mexico will liberalize 99.9% of industrial imports from Japan under the agreement. The Mexico-Japan EAA will also benefit Japanese investors in Mexico because it will give them access to the young and educated Mexican workforce. Similarly, Japan will benefit by importing low priced consumer electronic goods. continues on page 2 M exico Economic Update Foreign Trade Exports Manufacturing Oil Imports Balance Value Annual Change (US bd) % (0.56) Oct (4.0) Jan-Oct 2004 Value Annual Change (US bd) % (3.92) Financial Indicators Inflation Rate (Annual) Interest Rate (CETES 28) Stock Market Index (IPC) Exchange Rate (pesos/dollar) International Reserves (US bd) Employment Nov 2003 Nov % 5.0% 8, % 8.2% 11, Oct 2003 Oct 2004 Open Unemployment 3.63% 3.60% Sep 2003 Sep 2004 Economic Growth Global Economic Activity Index (IGAE) Oct 2003 Oct 2004 Industrial Activity Industrial Production Manufacturing Mining Construction 1.5% -0.8% -2.3% 5.2% 4.5% 4.4% 1.8% 0.9% 2.6% 5.4% Source: Ministry of the Economy with Banxico and INEGI data. US bd= US billion dollar
2 Market Access for Goods Industrial Sector % of products % 44% 0% Japan 0% México Japan will benefit by importing low priced consumer electronic goods like appliances, cars and processed goods. The FTA will generate greater certainty for Japanese investors and, as a result, flows of FDI from Japan to Mexico could reach $12.7 billion in new investment by 2010, and maintain an annual average of 1.3 billion. On December 5th, the Ministry of Agriculture announced that the first shipment of beef with the seal México Calidad Suprema (Mexico Supreme Quality) was sent to Japan. This shipment contained 20 tons of high quality meat worth US$125,000. This is the beginning, because it is expected that Mexico will send 80 tons each month with an approximated value of half a million dollars. Finally, Mexican exports to Japan are expected to increase by 10% annually and generate over a quarter of a million new jobs during the next ten years. 9% 4% 5% Start 5 años 10 años 47% Tariff Elimination Japan Mexico Inmediate Access 91% 44% Medium Term Access (5 years) 4% 9% Long Term Access (10 years) 5%* 47% * Inmediate access through quotas GAMI Investments Inc. vs Mexico On November 15, 2004, the Arbitral Tribunal established in the investor- State case GAMI Investments, Inv. vs. the United Mexican States issued its final award. It decided unanimously for Mexico and dismissed all the claimants demands in their entirety. The Legal Counsel for International Trade of the Ministry of Economy represented the Respondent in this arbitration. On April, 2003, GAMI submitted a claim to arbitration in accordance to Chapter XI of NAFTA. It alleged violation to NAFTA Articles 1102 (national treatment), 1105 (minimum standard of treatment) and 1110 (expropriation and compensation), based on alleged acts and omissions of the administrative Mexican authorities in the application of the legal framework that regulates the national sugar sector and for the expropriation of 5 sugar mills owned by Grupo Azucarero México, S.A. de C.V. (GAM). GAMI is a minority shareholder of GAM. In essence, GAMI claimed that Mexico breached its NAFTA obligations because it failed to administer and managed the sugar policy and regulations between 1997 and 2001, inducing GAM to a financial crisis and, afterwards, to a suspension of payments regime (situation that stands for the time being). GAMI also argued that the direct expropriation by the Federal Government of GAMI s mills in September, 2001 was conceived as an indirect expropriation of GAMI s investment. The foreign company claimed damages for not less than 28 million dollars plus interests. After a round of written pleadings and hearings conducted in Washington, DC, the Arbitral Tribunal found no violation to NAFTA and dismissed the claim in its entirety. D iario Oficial Notices Main aspects of the EAA Elements of a FTA Trade of Goods (including agriculture) Rules of Origin Certificate of Origin and Customs Procedures Sanitary and Phytosanitary Measures Technical Procedures Safeguards Servicies Investment Government Procurement Competition Policy Dispute Settlement Procedures Elements of Bilateral Cooperation Support Industries SMEs Promote Trade & Investment Labor Education & Training Science & Technology Turism Agriculture Intelectual Property Rights Environmental Improve business environment Decree that modifies duties of the General Imports and Exports Tariff Law. (December 6 & 10) Final determination of the examination on the countervailing duty imposed over polyester staple fibers, not processed for spinning imports, classified under Tariff item , , , , of the Mexican Tariff Schedule, originating from The Republic of Korea, regardless of shipping country. (December 10). Mexican Official Standard NOM-131-SCFI-2004 determination, allocation and installation of vehicles identification number-specifications. (December 13). Volume 9, Issue 12 Page 2
3 Selected Readings Lessons from NAFTA: For Latin America and the Caribbean (Daniel Lederman, William F. Maloney, Luis Serven. World Bank, November 2004) Analyzing the experience of Mexico under the North American Free Trade Agreement (NAFTA), Lessons from NAFTA aims to provide guidance to Latin American and Caribbean countries considering free trade agreements with the United States. The authors conclude that the treaty raised external trade and foreign investment inflows and had a modest effect on Mexico s average income per person. It is likely that the treaty also helped achieve a modest reduction in poverty and an improvement in job quality.. Roots of Competitiveness: China's Evolving Agriculture Interests (Dan Rosen, Scott Rozelle and Jikun Huang, Policy Analyses in International Economics 72, Institute for International Economics, July 2004) Screen=PROD&Product_Code=380 It is a cliché that China is the world's manufactured goods factory, but most observers are just as certain that China s farmers are a serious burden on growth. Yet China in fact has the makings of an internationally competitive agricultural sector, with the market setting most prices, farmers shifting quickly toward what they produce best, and significant research and development focused on biotechnology and other promising areas. China s trade interests are changing as its farmers become more competitive, and this transformation will have major implications for world trade talks and global economic welfare. This study traces the steps China has taken to make agriculture a winning sector, the evidence that its initiatives are working, and the course the country is likely to take. Success Stories Mexican Direct Foreign Investment: Galvamet will open a plant in the USA Mexican steel company, Galvamet, a subsidiary of Galvak, is going to invest 7 million dollars to open a plant in Shelbyville, Indiana. Galvamet manufactures metal wall and roof panel systems including foamed-in-place insulated roof and wall systems, SSR, steel deck systems in various shapes and high strength purling. As well, Galvak is subsidiary of Hylsamex. Hylsamex belongs to the Group ALFA, a Mexican company integrated by five groups of businesses: Alpek (petrochemical and synthetic fibers), Sigma (cooled and frozen foods), Versax (car parts and other businesses), Hylsamex (steel and iron and steel technology) and Onexa (telecommunications). By the size of its annual income, ALFA is considered one of the biggest companies in Mexico. Galvamet's presence in the United States has benefited from its high quality product and a strong understanding of international markets. In 1993 the plant of isolated panel Galvamet was inaugurated, having as a close partner the Italian company Metecno Spa. In 1995, the Italian company sold its participation to Galvak, staying only as a technological partner. Galvamet started with a production capacity of 1.2 million square meters of panel per year. In 1996 two sales offices in the United States were opened, one in Los Angeles, California and the other in Dallas, Texas. These offices were replaced later by the present office in Houston, Texas. In 1997 offices of sale of Galvamet were opened in San Jose, Costa Rica and in Santiago de Chile. At the present time, Galvak counts on a network of distribution that includes all the geographic areas of Mexico with 24 centers of distribution, 4 into the United States, 1 in Chile and 1 Costa Rica. However, all the company s production facilities are located in Mexico. The new plant in Indiana will be dedicated to the manufacture of isolated panel for ceilings and walls, which want to enter the industrial and commercial market. The production capacity will be of 1.2 million square meters per year. According to Jesus Durán, Director of Constructive Systems Galvamet, "this is the first plant of Galvamet in the United States that the market of the East of that country and Canada will take care of". A plant of this type invoices about 40 million dollars per year. Galvak has received the Clean Industry Certification and other awards like Nuevo León Ecology Award, Nuevo León Award for Human Resources Development, National Award for Best Practices in Human Resources, National Teamwork Award and the ISO-9001 Certification, version To consolidate Galvak's international presence, three service centers were installed in the USA in 2003: one in San Antonio, one in Dallas, Texas and one in Phoenix, Arizona. Companies like ALFA are investing in the USA for opportunities that others do not see and with the purpose of gaining presence in the largest market of the world, that is the reason why Galvamet is a successful story. Volume 9, Issue 12 Page 3
4 Capital: Main cities: Cuernavaca Cuernavaca, Jiutepec, Cuautla, Temixco Population: 424,041 (2000) 85% in the urban area 59% under 30 years old 314 people per square kilometer 91% Literacy rate Major exports: Electronic equipment, computers and textile Exports: US $ 492 Million (2003) Imports: US $ 706 Million (2003) Infrastructure: 490 Km of paved roads 190 Km of highways (4 lanes) 1 National Airport 93 Universities and technological institutes 91 Hospitals 321,400 Fixed telephone lines 25 Radio stations 6 TV stations Investment Highlights: Aid in setting up operations and training workers Source: Ministry of the Economy Foreign Direct Investment: Between 1999 and September 2004, Morelos received US$ 393 millions of dollars in foreign direct investment. Main sector: Pharmaceutical, Textile, Autos, and Paper There are 9 maquiladoras in Morelos Maquiladoras Companies employ 2,400 workers Major Economic Activity in 2002 Other services 21.9% Manufacturing 19.3% Source: Ministry of the Economy, Government of State and INEGI. Others 15.7% Transportation & communications 11.7% Financial services 13.4% Commerce 18.0% Source: Ministry of Economy with INEGI Web-site: Tel: (777) ext desarollo.economico@morelos.gob.mx Volume 9, Issue 12 Page 4
5 Exports to Mexico 159 Kentucky Between 1993 and 2003 Kentucky's exports to Mexico grew 163%. Mexico is the fifth largest consumer of Kentucky's exports * (US Million) ** Source: US Census, MISER and SE-NAFTA. SIC Series , NAICS Series **3Q 2004 By Sector (NAICS) Primary Metal 10% 3Q N AFTA Related Events December er Salón Internacional del Automóvil México 2005 México, D.F. Centro Banamex The most spectacular event of the automotive industry which brings together car manufacturers and import companies including auto part manufacturers. barrera@amcpromotion.com mexitronica@rocexhibitions.com December Autoshow Monterrey 2004 Monterrey, Nuevo León Cintermex One of the most important autoshows in Mexico. It will showcase Mexico s automobile production and imports. January Magna Exposición Mueblera Internacional México, D.F. January Expo Ferretero 2005 México, D.F. Expo Santa Fe Mexico This event is focused on constructors, plumber, painters, carpenters, and businessman who commercialize or distribute hardware and construction products. Transportation Eq. 11% Others 36% A monthly newsletter on 1911 Pennsylvania Av NW Washington, D. C Machinery 13% Phone: (202) Fax: (202) naftadsk@naftamexico.net Chemical 15% Computer 15% Visit us at Volume 9, Issue 12 Page 5
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