Mexico is invited to join the Transpacific Partnership Agreement negotiations
Today, at the end of the bilateral meeting between President Obama and President Calderon at the G20 Summit held in Los Cabos, Mexico, it was officially announced that Transpacific Partnership (TPP) member countries’ have invited Mexico to join the TPP negotiations, which was proudly accepted by Mexico.
Mexico’s Secretary of Economy, Bruno Ferrari, emphasized the importance of the TPP countries’ invitation to Mexico to participate in the negotiations of the most important trade agreement at present, to promote and foster trade integration in the Asia-Pacific region.
Mexico’s participation in the TPP will contribute to create a 21st Century agreement that will boost growth and economic development, promote innovation and create jobs, benefiting consumers and increasing business opportunities among participating countries.
The significance of Mexico’s inclusion to the TPP relies on the strategic economic relation between Mexico and the United States. TPP will enhance synergies and deepen the integration of our exports as well as promote more opportunities and better jobs in both countries. Additionally, Mexico is an essential component for strengthening economic integration in the Asia-Pacific region increasingly contributing to the global supply chains.
Mexico’s participation in TPP represents a great opportunity to continue the diversification of our exports to the world’s most dynamic economic regions. In the last six years, Asia has become the fastest-growing market for Mexican exports, with an annual average growth of 20%. Mexico’s total trade with the current nine TPP members reached $466 billion in 2011, with $280 billion in exports and $186 billion in imports.
Mexico will actively participate in the TPP negotiating process once procedures for new members’ inclusion conclude.