Special focus : Latin America
Standing strong
Despite fears that the election of Donald Trump as US president could do severe damage to Mexico ’ s economic prospects , the country is now seen as offering the best growth opportunities of all the Pacific Alliance countries
Mexico and Peru have overtaken Colombia as the markets in the Pacific Alliance that are perceived by lawyers as offering the best growth opportunities , according to a new study .
Research conducted by The Latin American Lawyer showed that more than a third ( 36 per cent ) of lawyers consider Mexico as having the best potential for growth . This came as somewhat of a surprise given widespread concerns that Mexico will suffer the brunt of the changes that the US will make to trade policies following the election of Donald Trump as president .
However , some see this as an opportunity for Mexico to further integrate with its fellow Pacific Alliance countries as well as nations elsewhere . José Roberto Sáchica , partner at Sáchica & Sáchica Abogados in Colombia , says : “ Mexico should give a push to the Pacific Alliance to weather the potential closure of its NAFTA market .”
With regard to the growth potential of other Pacific Alliance countries , Colombia was chosen as the best bet by only 24 per cent of survey respondents – compared to 31 per cent in the
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Source : The Latin American Lawyer
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Peru was reckoned to have the most growth potential , according to 30 per cent of survey participants , while 12 per cent said Chile was their preferred choice . Lawyers at law firms in the US as well as in the Pacific Alliance ( namely Mexico , Colombia , Peru and Chile ) took part in the survey . “ All the Pacific Alliance countries offer growth potential and they have been focused on counteracting low commodities prices for some time ,” said Margarita Oliva , chair of the Latin finance practice in North America at Baker McKenzie . She adds : “ Each country should use its best competitive advantage .”
The Trump effect President Trump ’ s decision to withdraw the US from the TransPacific Partnership ( a trade agreement which covered 12 countries in Asia and the Americas , including Chile , Mexico and Peru ), as well as his protectionist rhetoric during his presidential campaign , has caused concern among lawyers in the Pacific Alliance . Over half of those surveyed ( 57 per cent ) expect a “ moderate impact ” on trade matters pertaining to
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