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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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101689
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10168900.011
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1990-09-19
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BUSINESS, Page 60Business NotesTRADEHands Across The Rio Grande
On his first visit to Washington since he took office last
December, Mexican President Carlos Salinas de Gortari wanted to do
more than exchange pleasantries with the Bush Administration. As
it happened, he was able to cap his three-day trip with a flourish
last week when he and President Bush signed an agreement to promote
free trade and investment between the two countries. At a White
House signing ceremony, Bush hailed the pact as evidence of "the
special relationship" between the U.S. and Mexico.
The accord requires the two parties to identify by next month
industries and export products that could benefit from lower
tariffs, and then gradually to reduce those duties. U.S.
Administration officials said the affected products would most
probably include processed foods, petrochemicals, electronic
equipment and automobiles.
Mexico, which ships about two-thirds of its $21 billion in
export wares to U.S. markets, hopes the Washington agreement will
make it easier to sell more goods to its neighbor. Stronger export
sales would help finance the country's $100 billion foreign debt.