The Ambassador of Mexico, H.E. Jorge Chen on his official visit on 15th May 2015 at Siam University campus presented “a fleeting glimpse” about the North American Free Trade Agreement (NAFTA). During the course of his presentation, he partly cited on the agreement between the countries, the economic impacts, and the business environment in relation to the national interest and security of the respective countries involved. The Ambassador also centered especially on the economic impact of Mexico on the world and its NAFTA affiliates. In the U.S import and export index countries, Mexico has become the third largest exporter of US goods after China and Canada. The labor market has only expanded the U.S domestic products than any other countries of the NAFTA. It has equally balanced trade between Mexico and the U.S. However, the free trade agreement has influenced its alliance to be more competitive in the global scale.
The Ambassador deliberately defined the term “Comparative Advantage” in trading, also judiciously and calmly tabled the intricate facts of negotiation, especially among neighboring countries.
Before the initiative of NAFTA was introduced, the terms of interchange among the countries were drafted and developed by Latin America in the 50’s and 60’s for substitution of imports, and the flow of goods and services in the most efficient economy in the Latin America. In other words, the establishment of NAFTA paved way economically to other Latin American countries. Its successfulness and prosperity triggered many countries and likewise served as a gateway for them to engage in free trading, as South-East Asia deliberate to establish their own free trading within its boundaries.
The Ambassador made three general remarks about free trade which includes;
- Treaties: treaties involving a formal contract between the countries.
- Limitation: a devoted plan for free trade to meet the equity of its affiliates.
- Consideration and Evaluation: an agreement to meet certain goals and treaties that are bound to fail due to unrealistic assurances attached.
In establishing a link of free trade between countries, the Ambassador laid facts to what he termed as “Commercial Corridors” which involves a strong understanding of the economic environment and the Labor issues that surrounds the partnered countries. After a well-structured presentation, the Ambassador presented a PowerPoint chart to indicate the impacts of Mexico economy to the world. The visit was indeed a remarkable knowledge-sharing session for students to apprehend the sophisticated and diversified issues in today’s business world.
Thanks to the Ambassador H.E. Jorge Chen for his courtesy and leniency by enhancing knowledge towards our students. Our hearts are overwhelmed with gratitude for his visit and obliged there by.