A few days ago, the North American Leaders Summit (NALS) was held with the participation of U.S. President Joe Biden, Canadian Prime Minister Justin Trudeau and Mexican President Andrés Manuel López Obrador.
Mexico, the United States and Canada will seek to create stronger regional supply chains and promote targeted investments in key industries of the future, such as semiconductors and batteries for electric vehicles, which will be vital to advance the development and infrastructure of electric vehicle technology.
Mexico’s trading partners underscored the need to drive the transition to electric vehicles, lower emissions and comply with the Paris agreements to address climate change.
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Joining Sonora
In this sense, the United States and Canada will participate in the Sonora Plan, which includes advances in electromobility, facilities for electric vehicles in the three countries, production of lithium batteries, semiconductors, among other things.
This program seeks the exploitation of lithium from a credit given by the United States with facilities of 48 billion dollars and the accessory equipment for its exploitation.
It also aims to promote a lithium exploitation industry, with a view to electromobility. That is, to promote electric cars, replacing fossil fuels.
These are actions that can encourage the Mexican government to change course and become a country with a sustainability policy, which was very absent in the past government, but also in the current one. With this type of credits, the United States gains the opportunity to exploit lithium; a very important market is generated for the processing of this semiconductor with lithium-based batteries.
Avoiding Dependence
During the summit, the countries set out to reactivate supply chains and replace imports from the region, which is considered one of the richest and most dynamic in the world. The goal of these agreements is to become increasingly self-sufficient.
“To boost regional competitiveness, the three countries will seek to forge stronger regional supply chains as well as promote targeted investment in key industries of the future, such as semiconductors and electric vehicle batteries,” the governments said in a joint statement.
About the Meeting
The North American Leaders Summit is the official name given to the trilateral meeting between the Prime Minister of Canada and the Presidents of the United States and Mexico.
It is a regional dialogue, founded on March 23, 2005. It seeks to strengthen political contacts and economic cooperation at the highest level between these countries.
It allows governments to identify common priorities, agree on objectives and define specific lines of action, as well as to encourage and facilitate the positive projects underway among the three societies to make North America a more competitive and dynamic region.
