Mexico Hopes To Increase The Market Share Of Local Textiles And Clothing.

According to the agreement, Mexico will suspend 80 tax numbers by 2018.

Tariffs, the import tariffs on products under these tax numbers will remain at around 25%, rather than the previous ones, which have dropped to 20% since January 1, 2015.

It is worth emphasizing that the measure is only aimed at not signing with Mexico.

The state of agreement.

In addition, since January 2015, the Mexico tax bureau will set up a list of importers of textiles and clothing, which will be used as a control mechanism to identify importers and measure them.

Risk.

Importers who have not entered the register will not be allowed to import fibres or manufactured goods.

The tax administration service bureau (SAT) under the Ministry of finance has the right to formulate specific requirements for registration, and every registered importer must abide by the principle of fair competition.

In the new regulation, importers are required to notify at least 5 days in advance of any import from abroad to Mexico.

And clothing activities.

Notification must provide invoices, sources of supply, freight charges and insurance documents.

SAT can pre assess whether there is a low price in the import activity, and prepare the review process ahead of time.

At the same time, since January 1, 2015, Mexico will also establish an appraisal guarantee mechanism for the import of textiles and clothing and its raw materials. All importers attempting to import products at a price lower than their actual cost must guarantee the difference between the customs declaration price and the valuation price. Once the goods are confirmed to be imported at a low price, the margin will be used to compensate the difference between the price and the valuation price.

Thanks to the financial reform plan announced at the beginning of this year, all kinds of development banks in Mexico are given more credit rights. SMEs are more likely to get loans than before, and they can get more favorable terms in terms of amount, time limit and interest rate.

Specifically, the state financial bank will provide at least 450 million Peso credit financing for the textiles and clothing sector in the next 12 months, dedicated to the modernization of machinery and equipment and the development and innovation of new products for SMEs in the sector.

The Mexico foreign trade bank will provide financing support for the textile and garment enterprises to participate in the nationalization competition.

In view of the fact that most of the cotton used in the textile industry in Mexico is imported from now, the Ministry of agriculture will implement the ACERCA plan to encourage the Mexico textile industry to buy cotton from its farmers by providing some support for the cotton growers to buy insurance.