One of the first steps toward trade liberalization was Mexico's signature of the General Agreement on Tariffs and Trade (GATT) in 1986 under President de la Madrid. During the administration of Carlos Salinas de Gortari (1988–94), many state-owned companies were privatized. The telephone company Telmex, a government monopoly, became a private monopoly, sold to Carlos Slim. Also not opened to private investors were the government oil company Pemex or the energy sector. Furthermore, the banking system that had been nationalized in the waning hours of the López Portillo administration in 1982 was privatized, but with the exclusion of foreign banks. Salinas pushed for Mexico's inclusion in the North American Free Trade Agreement, expanding it from a U.S.-Canada agreement. The expanded NAFTA was signed in 1992, after the signature of two additional supplements on environments and labor standards. It came into effect on January 1, 1994.
One of the first steps toward trade liberalization was Mexico's signature of the General Agreement on Tariffs and Trade (GATT) in 1986 under President de la Madrid. During the administration of Carlos Salinas de Gortari (1988–94), many state-owned companies were privatized. The telephone company Telmex, a government monopoly, became a private monopoly, sold to Carlos Slim. Also not opened to private investors were the government oil company Pemex or the energy sector. Furthermore, the banking system that had been nationalized in the waning hours of the López Portillo administration in 1982 was privatized, but with the exclusion of foreign banks. Salinas pushed for Mexico's inclusion in the North American Free Trade Agreement, expanding it from a U.S.-Canada agreement. The expanded NAFTA was signed in 1992, after the signature of two additional supplements on environments and labor standards. It came into effect on January 1, 1994.