Mexico eager to lure firms from Asia under new trade deal

"In steel we see the biggest opportunity," Marquez, a Harvard-trained economist, told Reuters in an interview. "We want to show these companies the opportunities that open up with this increase in regional content requirements."

MEXICO CITY: Mexico has spoken to a host of foreign companies, particularly steelmakers, in an effort to lure business from Asia to capitalize on a new North American trade deal, Economy Minister Graciela Marquez said on Monday.

The U.S.-Mexico-Canada trade agreement (USMCA) took effect at the beginning of this month and replaced its quarter-century-old predecessor as the coronavirus pandemic wallops the global economy and international trade. The new deal includes tougher content rules both for autos and steel and aluminum than when the North American Free Trade Agreement was launched in 1994.