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Mexico Regional Leader

...... From the late 1940s until the mid-1970s the basic thrust of trade policy was the use of high tariffs and import licensing requirements for a broad range of products, with the aim of fostering import substitution industrialization (Solis, 1991). The policy was quite successful, especially from the mid 1950s until the early 1970s. The trade reforms pursued from 1977 to 1980 consisted of export promotion through fiscal, financial, and energy subsidies, available as a result of oil price hike by the Organization of Petroleum Exporting Countries (OPEC). Oil was becoming increasingly important for the Mexican economy after the discovery of significant reserves in the mid 1970s (Studer & Wise, 2007). Some trade liberalization also occurred during this window of time
In 1978 the U.S. government, seeking to avoid a permanent trade deficit with Mexico, whereby U.S. imported oil from its southern neighbor while the latter maintained a closed economy, issued emphatic invitations for Mexico to join the GATT before the end of Tokyo Round (1973-79) (Flores, 1998). This incipient interest in GATT was maintained when Lopez Portillo became president in 1976, and in January 1979 Mexico finally began negotiations for GATT accession. Government policy makers made clear that Mexico