Economic Developments - November 2018

On 1 October, President Trump triumphantly announced the US had concluded a successful renegotiation of the NAFTA treaty with Mexico and Canada, after more than a year of talks, rebranding it the “United States-Mexico-Canada Agreement,” or USMCA. Marcelo Ebrard, the Foreign Minister-designate of the incoming government of Andres Manuel Lopez Obrador, accompanied by his colleagues, told the media that the agreement reached with the United States and Canada is an “opportunity to strengthen the internal market”, despite certain “challenges of adaptation,” particularly for small and medium firms from changes in rules of origin, mainly in the automotive sector. The incoming team of Lopez Obrador – who takes office 1 December - seems to be playing it cool with the US, stacking up positive points in an environment poisoned by US xenophobia and belligerence, to limit the potential damage to the Mexican economy.


 November 30, 2018

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About the Author

Ambassador Deepak Bhojwani

Former Ambassador of India to Colombia, Venezuela and Cuba and Distinguished Fellow, Ananta Centre

Ambassador Deepak Bhojwani joined the Indian Foreign Service (IFS) in 1978. He retired in February 2012. During his career, he was accredited as Ambassador in seven Latin American countries, resident in Colombia, Venezuela and Cuba, concurrent in Ecuador, Costa Rica, Cuba and the Dominican Republic, and was Consul General in Sao Paulo. He served abroad in three Continents – Asia (Indonesia and Malaysia), Europe (Spain and Czech Republic) and Latin America.

In the Ministry of External Affairs, he served in the Divisions dealing with Administration; West Asia and North Africa; US and Canada; and had a brief stint at the United Nations.

Ambassador Bhojwani also served as Private Secretary to the Prime Minister of India, Mr P.V.Narasimha Rao for two years from 1994 to 1996, and as Special Assistant to the Minister of State for External Affairs and for Science and Technology, Mr K.R.Narayanan, from 1985 till 1988.

He writes extensively on Latin America and its relations with India. He has written a book published in 2015 titled ‘Latin America, the Caribbean and India: Promise and Challenge’.

He is currently a Consultant for Latin America and the Caribbean through his firm LATINDIA (

Ambassador Bhojwani also serves as Independent Director on the Board of Bharat Petroleum Corporation Ltd., one of the largest state oil and gas companies of India.

Since January 2017 he has been Country Manager and Director, Magotteaux Industries Pvt. Ltd.

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