North America aims to make 25% of what it imports from Asia, Mexico says

North America aims to make 25% of what it imports from Asia, Mexico says

MEXICO CITY (Reuters) – Mexico, the United States and Canada plan to produce in North America 25% of what they currently import from Asia under a new drive to promote the integration of the regions economy, Mexican Foreign Minister Marcelo Ebrard said on Thursday.

Ebrard was speaking about the outcome of meetings this week in Mexico City between U.S. President Joe Biden, Mexican President Andres Manuel Lopez Obrador and Canadian Prime Minister Justin Trudeau.

Ebrard said four representatives from each country will work on the import substitution scheme previously outlined by Lopez Obrador on Tuesday. He did not say how quickly the region planned to achieve the target.

Mexico will need to invest in order to accelerate the process, Ebrard said, noting that such investments would increase the countrys growth by two percentage points.

Ebrard also said that the United States and Canada will participate in Mexicos plans to boost solar energy output and develop industry in the northern border state of Sonora.

Leaders from the three countries vowed on Tuesday to tighten economic ties, produce more goods regionally and boost semiconductor output after meeting in Mexico City.

(Reporting by Valentine Hilaire; Editing by Mark Porter)

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