The conditions are ripe for the Mexican economy to grow at a faster pace starting next year, as the uncertainty surrounding the renegotiation of the United States-Mexico-Canada Agreement (USMCA) will clear up and the results of companies relocating will begin to materialize, according to Emilio Romano, CEO of Bank of America in Mexico.
He stated that the US-based financial firm views the security strategy implemented by President Claudia Sheinbaum’s administration favorably, noting that it has already yielded positive changes.
“The conditions are right for economic growth to increase at a higher level as the years go by. 2026 is the year in which the review of the USMCA, which is fundamental, must be completed, or we expect it to be completed.
“We also expect that by then we will have clarity on the redistribution of global supply chains and that the status of regions and trading partners will be clearer, and that will allow Mexico to emerge as one of the best-positioned countries to realize economic growth.”
“The scenario we see with the elements we have right now is an acceleration in Mexico’s growth in the coming years, because these uncertainties will dissipate,” Romano said at a conference.
The executive stated that for businesses to expand and increase their investments in our country, physical and legal security are fundamental. In the first area, he emphasized, there are positive changes.
“Making Mexico a safer country is an unavoidable commitment we all share.” We have viewed the new Secretary of Security favorably, and there have been positive changes in these actions. We realize that the task is not easy, and we cannot leave it solely to the government,” Romano stated.
He specified that our country, “faster than we expect,” will transition from being seen as an emerging economy to a developed country, and for that to happen, it is also essential to have trust, clear rules, and a plan.
The plan, he emphasized, is already on the table: it is the Mexico Plan. Regarding the other two aspects, he added, we see a government with the will and with actions that seek to establish clear rules, “which are not always the ones we want, but there are changes.”
Judicial Branch: “It Is What It Is”
Romano was asked for his position regarding the changes that the judicial branch has undergone in the country, and his response was:
“At Bank of America, we do not continually resort to the judicial branch as a bank that serves retail or individual customers does. But a climate of legal certainty is fundamental for business and investment to expand.”
“We accept what we have; it is what it is. This is the judicial reform, this is the judicial system we have; we’re not looking back. We’re not analyzing whether it was adequate or not. What we’re doing is figuring out how we can contribute to ensuring that this new stage of the judiciary in Mexico adds legal certainty and the power to administer justice impartially, promptly, and expeditiously, which is a human right of Mexicans and of every citizen.”
“We see elements that could lead to this. I don’t believe the conditions are right for the rule of law or legal certainty to be lost, but neither are they guaranteed.”
Source: jornada
