Mexico’s new president has signed a major reform plan that Mexican officials say will bring more opportunities for American companies to do business south of the border.
President Enrique Peña Nieto’s Pact for Mexico brought together his country’s three major political parties for the first time in history, eliminating a previous gridlock, said Alfonso De Alba, deputy consul at the Mexican Consulate in Tucson.
The document has 95 reforms, each with a set timeline for when Peña Nieto wants to see changes. The main categories for change are security, transparency, economic growth, civil rights and democracy, according to the 34-page document.
Some of the changes to Mexico’s economy could directly affect Arizona businesses, De Alba said.
“We are going to have banking reform where private banks will lend more easily and that will give a boost to the manufacturing sector in Nogales right across the border,” he said. “A lot of the production in Mexico is made with American parts, so as the Mexican economy picks up there are going to be a lot of opportunities.”