The president of Grupo Financiero Banorte, Carlos Hank González, hopes that the renegotiation of the North American Free Trade Agreement (NAFTA) will be positive and that this will have a favorable impact on the financial sector in Mexico, he said on Thursday.
Canada, the United States, and Mexico will begin renegotiating the agreement that has governed their trade for more than two decades on Wednesday, August 16, after US President Donald Trump threatened to abandon it if it does not benefit industry and employment in his country.
“I am positive and enthusiastic, and I believe we can achieve some good results,” said the banker, who believes there is currently less uncertainty regarding the renegotiation than at the beginning of the year because the guidelines for the talks have already been established.
“I believe that the Free Trade Agreement requires certain updates to modernize it, to adapt it to the new challenges of globalization and the challenges of each of the three countries that comprise it,” he said during the Reuters Latin America Investment Summit in Mexico. “I think it would be a mistake to take steps backward and close ourselves off again and close our borders.”
The businessman added that the local financial sector could benefit “indirectly” from a favorable negotiation by supporting businesses and citizens.
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