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Banamex focuses on NAFTA, security for 2018

Mexico City, Mexico — As the year comes to a close and NATO talks unresolved, Ernesto Torres Cantú, general director of Grupo Financiero Banamex says that in the absence of an agreement, WTO rules can be applied, however, insecurity can affect the consumption of Mexicans.

The renegotiation of the North American Free Trade Agreement (NAFTA) and security are fundamental issues of concern for next year with Citibanamex indicating that NAFTA is an issue of concern in which they anticipate volatility in the first half of the year.

The renegotiation of the North American Free Trade Agreement (NAFTA) and security are fundamental issues of concern for 2018. “The central scenario is to renegotiate,” said Ernesto Torres Cantú. The other risk is related to public safety, “Which is very important since it can affect the perception and feelings of people,” he said at a media meeting.

“It is important because it can change the feelings of people when making economic decisions. And if that changes, it can affect consumption in the domestic market, independently of the damages that insecurity causes itself.”

Torres Cantú indicated that as a banker they are always concerned about everything, but he considered that in the economic area the risks are limited, and although volatility is anticipated in the first half of the year, they foresee that the country will grow more than in 2017.

“We are bankers. We are always worried about everything. It is more likely that next year, as a country, we will do well to go wrong. It is not optimism or pessimism, it is the reality we see,” he stressed.

As 2018 is an election year, Torres Cantu said that the presidential candidates must have a commitment to the continuity of macroeconomic stability and the approved structural reforms.

He added that pending issues remain the application of the rule of law, “Where there is no impunity and there is more security for all. That should be the agenda of the next administration” as well as fight corruption.