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Mexico is luring businesses from Asia, primarily steelmakers for the auto sector, to capitalize on the new United States-Canada-Mexico Agreement (USCMA).
The USCMA includes more stringent content rules both for autos and steel and aluminum than when its predecessor, the North American Free Trade Agreement, was launched in effect.
Economy Minister Graciela Marquez said that Mexico had held talks with foreign steelmakers, including South Korea's POSCO, Japan's Nippon Steel Corp., and Mitsubishi Corp., and Luxembourg-based Ternium, about investing in Mexico to produce steel for the auto sector.
According to Marquez, Mexico wants to show these companies the opportunities that open up with this increase in regional content requirements.
Marquez added that Mexico, with its diverse manufacturing base, was interested in attracting many companies from across the globe, such North American and European firms producing in China, Singapore, and Vietnam.
There are plans for the country to negotiate with Apple and other US firms about relocating their supply chain to Mexico.
Marquez said that Mexican President Andres Manuel Lopez Obrador told her that phones need not be produced in China, with an "enormous opportunity to produce them" in Mexico.
