Mexican presidential front runner Andrés Manuel López Obrador (also known as AMLO), has stressed that he will abide by the changes to the North American Free Trade Agreement (NAFTA), without seeking renegotiation.
The assurance has relieved foreign investors, as there were reports that he might reverse the economic policies of the current administration.
The assurance comes from Graciela Márquez Colín, whom AMLO will name economy minister in the event of a win.
“We recognize the importance that Mexico needs to take advantage of a global economy and foreign investors are fundamental,” Márquez Colín said in an interview with The Dallas Morning News.
However, AMLO has been criticizing Mexico’s energy policies, saying they have led to increased dependency on the United States.
He wants to review oil contracts because he suspects corruption. He also said he wants to cancel a US$13 billion project to build a new airport for Mexico City.
AMLO, according to Márquez Colín, does not hate NAFTA, but he wants to increase wages and public investment to complement the economic boost brought about by the trade agreement. However, he seeks to make Mexico more self-sufficient in agricultural products such as corn, which Mexico imports large quantities of from the US.
NAFTA has cost Mexico’s agriculture sector dearly, destroying tens of thousands of jobs, but the trade agreement is vitally important for the country as it represents some 35% of its gross domestic product, according to government data.