EconomyUncertainty and concern after the departure of Luz María...

Uncertainty and concern after the departure of Luz María de la Mora from the Ministry of Economy

The surprising news of the dismissal of Luz María de la Mora as Undersecretary of Foreign Trade of the Ministry of Economy left a feeling of uncertainty among representatives of the private sector and analysts.

“Concern” was the feeling generated by Fernando Ruiz, general director of the Mexican Business Council for Foreign Trade, Investment and Technology (Comce).

While Janeth Ruiz, deputy director of economic analysis at Monex, added that the reading is one of “uncertainty, fear of what is going to happen.”

The United States, Canada and Mexico are undergoing a consultation process for the energy policy of the Andrés Manuel López Obrador administration, which, according to its T-MEC partners, violates the trade agreement by giving discriminatory treatment to private companies.

“Luz María is a person who had many years in the field of international negotiations and a very good negotiator”, said Comce CEO.

“He is a person who knows the implications of international trade, who knows the treaty (T-MEC). Hopes were pinned on her. It gave peace of mind because knowing that the person in charge is well aware of the impact of these relations being strained, gave peace of mind, certainty, that he was going to seek well-being for all the sectors involved,” Quiroz pointed out.

Of the recently announced changes, Luz María de la Mora was “that pillar of certainty,” and her departure generated “quite the opposite,” he added.

Gabriela Siller, director of economic-financial analysis at Banco Base, wrote on Twitter that the departure of former deputy secretary de la Mora is a “very bad sign.”

The uncertainty and concern will dissipate, or not, once the next foreign trade undersecretary is known.

Ruiz Huarte said that, with the change of federal administration in 2018, the uncertainty generated by the departure of the T-MEC negotiating team, headed by Ildefonso Guajardo, was erased once the team, of which Jesús Seade was part, Graciela Márquez and Luz María de la Mora, among others, demonstrated the technical capacity to negotiate.

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