Introduction

In a move of regulatory and market access significance, President Andrés Manuel López Obrador of Mexico issued a Decree on April 22nd, 2024, introducing amendments to the fees outlined in the Law of General Import and Export Taxes (LIGIE). This decree signifies a proactive approach towards ensuring the stability and competitiveness of sensitive industrial sectors by instituting temporary duties on the import of goods falling within 544 HS Codes, ranging from five to fifty percent.

Purpose of Adjustments

These adjustments aim to safeguard production chains from disruption while concurrently maintaining competitiveness within Mexico's industrial landscape. Such regulatory measures underscore the government's commitment to fostering a conducive environment for both domestic and international trade, emphasizing the delicate balance between regulatory oversight and market dynamics. This could create difficulties for others to import in Mexico with the rise of prices making them less competitive in the market and could lead to the loss of market share. These temporary duties are expected to last two years, meaning until April 22nd, 2026.

Regulatory Impact

• Top Priority: Yes
• Type Certificate: No
• Spectrum Bands: No
• Import Changes HS Codes: Yes
• Standard Changes: No
• Product Changes: No
• Label Changes: No

Link to Source

Link to Source - https://www.dof.gob.mx/nota_detalle.php?codigo=5724207&fecha=22/04/2024#gsc.tab=0