In exports, the T-MEC block loses ground against the Great China
From 2002 to date, the Asian region almost doubled its share and reached almost a fifth of global foreign sales, while North America has fallen from 17.2% to 12.8%.
The members of the Treaty between Mexico, the United States, and Canada (T-MEC) have progressively eroded their joint participation in the total exports of world products in the last two decades. The corresponding coverage of these three countries fell from 17.2% in 2002 to 12.8% in 2021, according to data from the World Trade Organization (WTO).
By contrast, the Greater China region (People’s Republic of China, Hong Kong, Taiwan, and Macao) increased its share of total merchandise exports from 10.3% in 2002 to 19.3% in 2021.
In particular, comparing 2002 with 2021, China increased its share of world product exports from 5.1 to 14.1%, while the share corresponding to Mexico fell from 2.5 to 2.3%, respectively.
TIPAT involves three of the United States’ four major trading partners and may expand to other major economies, potentially leading to greater economic integration and trade liberalization between the parties.
The United States is following China’s deals with interest because the two countries have opposite positions on issues such as state-owned enterprises and digital trade disciplines.
Source: Mexicoxport