Mexico Introduces New Import Duties

(MENAFN) On Tuesday, Mexico officially established a fresh set of import duties targeting nations with which it lacks free trade agreements.

The regulation, implemented by the Ministry of Economy, enforces charges of up to 35% on goods arriving from Asian nations including China, India, South Korea, Thailand, and Indonesia. The policy will come into force on January 1.

This directive modifies tariffs across 1,463 categories of products, spanning numerous sectors such as automobiles, textiles, clothing, plastics, steel, household equipment, aluminum, toys, furniture, footwear, leather articles, paper and cardboard, motorcycles, and glass.

According to the ministry, the initiative is designed to protect nearly 350,000 positions nationwide in vulnerable industries like footwear, textiles, apparel, steel, and automobile production. It also aims to support the country’s “sovereign, sustainable and inclusive reindustrialization in strategic sectors of the Mexican economy.”

Earlier this month, the Mexican Congress granted approval for the tariffs, stressing that they are not aimed at any particular nation but rather intended to reinforce industries deemed vital to the national economy.

Authorities stated that the duties are intended to raise domestic participation in supply chains by 15%, promoting stronger local production and encouraging the substitution of imported materials with homegrown alternatives.

The government anticipates that this policy will generate 1.5 million new jobs and elevate domestic investment to as much as 28% of the gross domestic product (GDP).

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