What exactly does it mean for Chetumal to be a free zone again?

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Andrés Manuel López Obrador signed a series of decrees this Friday to support the country’s southern border with fiscal measures.

“There is something very important that I am sure will give great pleasure to the people of Quintana Roo and, in particular, to those who live in Chetumal,” said President Andrés Manuel López Obrador in the initial message of his conference on Friday, November 27th.

The president was referring to the decrees he was about to sign to grant fiscal privileges and support to the cities along the Southern Border. One of them involves the capital of Quintana Roo, which will once again be a ‘free zone’.

But what exactly does that mean?

López Obrador stated that when a city or region receives that designation, they are free of import taxes.

“No import tax will be charged. Then people will be able to get merchandise at a very low price in Chetumal, as it was before they carried out changes, at the beginning of the neoliberal period,” he said.

The head of the Executive clarified that this applies to countries with which Mexico does not have trade agreements .

When will the change start to show?

The president signed four decrees this Friday in the National Palace related to the south of the country, which will come into force on January 1st, 2021.

Chetumal enjoyed this designation for a period of 59 years, between 1934 and 1993.

There will be a maximum purchase limit of one thousand dollars per person or family.

Source: AP

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