HOUSTON, Dec. 11 -- Business community leaders agreed during a seminar in Houston that the new free trade agreement among the United States, Mexico and Canada will bring unique opportunities for Chinese companies.
The two-day event, focusing on China's opportunities and challenges under USMCA (United States-Mexico-Canada Agreement), was held on Monday and Tuesday. Dozens of policy makers, business leaders and experts on tax, law and investments from China, the United States, Mexico and Canada participated in the event.
Giving a speech at the summit, Beatriz Leycegui, partner at SAI Law & Economics, a Mexican consulting firm, said China is one of Mexico's most important trading partners in the world. With the USMCA coming into force, "Mexico will continue to be very attractive to Chinese investors."
She said that auto, machinery and electrical industry are the main three sectors that Mexico has strong competitiveness. Chinese companies are welcome to invest in the industries and enjoy the advantage of USMCA.
James Ou, international partner with Houston-based Nguyen & Chen LLP, said there are several sectors having huge opportunities for Chinese companies to invest in Mexico under the USMCA.
According to Ou, renewable and traditional energy as well as automotive parts are among the sectors which Chinese companies have comparative advantages and are supported in Mexico.
"In fact, producers in any sectors that are heavily hit by AD/CVD (anti-dumping and countervailing duties) in the United States can also shift their business to Mexico," he added.
Aiming to help Chinese businesses take advantage of USMCA, the event, with the theme of USMCA Houston Summit: Opportunities and Challenges for China, was co-organized by Ernst & Yong LLP, Prodensa Group, Zhejiang M & A Federation and Nguyen & Chen LLP.
Canada, Mexico and the United States on Nov. 30 signed USMCA, an updated version of the North American Free Trade Agreement (NAFTA), saying it will help strengthen regional ties and benefit the working class.