Trump may have pushed Mexico into the arms of China's Alibaba
Source: NBC
Mexico's Ministry of Economy and Alibaba will partner to get more Mexican products onto the tech firm's popular e-commerce platforms. The move aims to help Mexico's small- and medium-sized enterprises expand internationally and in China — the world's largest consumer market with a growing middle class. Alibaba, in turn, will provide its technological expertise on logistics and payments, and it will share analytics to help Mexican firms market better to the Chinese.
"By partnering with Alibaba, we can expand Mexico's export options in China and in Asia more broadly, while enhancing Mexican [small- and medium-sized enterprises'] knowledge of e-commerce and cross-border trade," said Mexican President Enrique Pena Nieto of the memorandum of understanding inked with Alibaba.
The deal comes as Pena Nieto closes a trip to China on trade and investment, and is part of efforts to open new opportunities for Mexico, as President Donald Trump has threatened to kill the $1.2 trillion North American Free Trade Agreement, the foundation of trade for the U.S., Canada and Mexico.
The three countries are currently re-negotiating NAFTA, which underpins Mexico's economy — the U.S. accounts for 80 percent of its exports.
Read more: https://www.cnbc.com/2017/09/07/trump-may-have-pushed-mexico-into-the-arms-of-chinas-alibaba.html
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