1. Unlocking the potential of tariffs and trade benefits is key in 2024. Verify that you are making maximum use of the tariffs and foreign trade benefits that export promotion programs, trade certifications, and FTAs offer. Timely evaluations are a must, as leveraging these benefits boosts company competitiveness and success.

  2. Compliance with trade, customs, and tax regulatory measures continues as a means to reduce trade risks in foreign trade and supply chain operations. Inadequate controls increases the risk of a major customs and tax complexity. Currently, both the Mexican Service Tax Administration - SAT and the Mexican National Customs Agency -ANAM are actively using their verification powers in customs matters.

  3. Corporate Governance practices remain as a key element in supply chains. Promote the strengthening of the best corporate governance practices of the supply chain, especially in ESG and sustainability matters. Having solid corporate governance practices helps optimize the company's operation, increases competitiveness and reduce possible errors that translate into risks or complexities.

  4. Customs labor aspects will be a challenge in efforts to retain customs and tariff benefits, including those provided under USMCA. Ensuring that forced labor provisions worldwide and/or trade union rights in Mexico are not violated, will help ensure that imports into Mexico are not prohibited and that exports from Mexico do not lose the tariff benefit provided for in the USMCA. In the current environment, customs and labor issues are intertwined and thus require close attention.

  5. Nearshoring continues as key factor in Mexico's economic growth. Companies should continue to leverage nearshoring opportunities that the current environment offers, with emphasis on trade, customs and supply chain topics.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.