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Labour Violation Solved Using Trade Agreement

MEXICO
  • The US and Mexico have resolved a labour-rights issue at an auto-parts facility owned by Teksid Hierro de Mexico. The resolution comes after Washington raised concerns about the plant’s practices using provisions in a regional trade agreement.
  • The measures taken after invoking the USMCA’s so-called rapid-response mechanism “will help end eight years of rights violations against Teksid workers and advance their freedom of association and ability to collectively bargain,” US Labour Secretary said in a statement.
    • While uncertainties continue to linger surrounding USMCA disputes, especially in relation to President AMLO’s energy policy, this could be seen as a positive development for negotiations going forward.
  • Domestic assets will continue to be driven by broader global themes with a very light data docket. June retail sales will be published on Friday.
  • Mexico’s flagship energy project, a refining complex in the southern region of the country that has faced billions of dollars in cost overruns, is drawing concerns from members of the Pemex board.
    • Last week, the board of the state-run oil company approved a bigger budget for the project -- but the vote was far from unanimous. (Bloomberg)
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