There are so many reasons why Mexico , Tacna has grown to be a favored target for international investment, but the IMMEX scheme may very well take the title. IMMEX which roughly means the Mexican Ministry of Economic Protection of Export and Manufacturing Industry was established by the Mexican government in 1992 to bolster national exports. The aim was to create more wealth by making Mexico a less expensive destination for foreign direct investment. In other words, it attempts to keep Mexico competitive against the dollar while helping develop the country’s economy further.
In short, the idea is to make Mexico’s agricultural products more available and affordable while also allowing exporters to legally ship their products to the country. The Mexican government has allowed banks and other financial institutions to become involved with the IMMEX Program. In addition to banks and other financial institutions, the Mexican government has also allowed the creation of other legal entities, namely corporations, to participate in the program.
One of the main reasons why Mexico has grown to be such an attractive target for international trade is because it is a Latin American country. Mexico is considered a major economic partner by most of its south-eastern neighbors, especially Peru, and Brazil, as well as by many of Central and South America’s far-flung neighbours. In addition to exporting vast amounts of goods, Mexico also imports a high number of goods from other countries. In the past decade, Mexico has been an important partner in the global trade system, allowing foreign direct investment in various sectors, such as petroleum, in addition to facilitating trade in services such as air transport, information technology and banking.
A significant advantage of the IMEX program is that it provides a legal way for foreign businessmen to access the Mexican market without having to pay customs duties or taxes, which can be a deterrent to investing in the country. Because Imex allows access to Mexican merchandise without having to incur these expenses, the IMEX program is also popularly referred to as the NimaX or NAX program (North American Express Exchange). Another advantage of the IMEX is that it provides a “fairer” trade, allowing duty-free goods to be imported into the country. This is a boon for businessmen looking to invest in the country, as duty-free merchandise normally commands a much higher cost than Mexican merchandise. As well as allowing duty-free imports, the IMEX also offers preferential rates on other types of imports, allowing more foreign companies to make investments in the country. In fact, the IMEX offers greater benefits than the other types of tariffs and quotas available at the border with Mexico.
The IMEX program was implemented in May 2021 and was immediately welcomed by the Mexican consumers as it eliminated a lot of bureaucratic procedures and also gave them more time to enjoy shopping. It also allows Mexican exporters the opportunity to enter the United States market and benefit from the competitive pricing that Americans are used to when purchasing products. However, the IMEX program does have its drawbacks. Firstly, the rates that are offered through the IMEX are significantly higher than the rates charged by the Border Market Initiative (BMMI), which was implemented in June 2021. Secondly, since the IMEX program only allows unrestricted traffic between Mexico and the United States, certain products are not allowed into the country, namely petroleum, dangerous drugs, and asbestos.
Some of the IMEX permits that are currently available are PNREX (Paid Into the National Exchanges Program), IMEX PXS (pects of Merchant Service System), and PXN (pects of Non-Exchange Sales Systems). PNREX permits are required if you want to buy the PXN merchandise, and PXS permit is required if you intend to sell the PXN merchandise in the United States. IMEX permits are not yet available. IMEX permits are expected to become available in 2021.