Mexican President Speaks of Import Substitution at Summit
Mexican President Andres Manuel Lopez Obrador, at a joint press conference with President Joe Biden and Canadian Prime Minister Justin Trudeau, said that the three countries are "creating a joint committee aimed at planning and substituting imports in North America so that we may try to be increasingly self-sufficient in this part of the world and to turn development cooperation into a reality, as well as the well-being of all the countries of our continent. We want that to be a reality."
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A fact sheet from the summit, which ended Jan. 10 in Mexico City, said that there will be a trilateral semiconductor forum with industry in early 2023 to increase investment in the semiconductor supply chain in North America. It also said the countries will coordinate to explore critical mineral reserves in North America.
Trudeau emphasized how Canada, the U.S. and Mexico are working to form regional supply chains in electric vehicle batteries and semiconductors, as well as critical minerals mining.
"Free trade through NAFTA has helped make our economies among the most competitive in the world. It makes sense why," Trudeau said, noting that the three countries are home to more than 500 million people, have an "extraordinarily strong innovation ecosystem" and their combined GDP is larger than the EU. "And, as leaders, we are all dedicated to driving economic growth that supports the middle class and those working hard to join it," he said. "People remember what happened just a few years ago when the certainty of this partnership was in question. Investors, businesses, workers, and citizens all worried about what would happen. When free trade is at risk, that isn’t good for competition in the global market.
"Thankfully, the belief in free and fair trade won the day. We renegotiated, and we got an even better deal."
Trudeau noted that Canadian steel and aluminum is among the cleanest in the world, and that the largest semiconductor packaging plant in North America is in Quebec.
Biden's remarks didn't focus on trade; the question from the press to him was focused on immigration.