International Trade Among The Preparatory Discussions as G20 Summit ApproachesS

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As the next G-20 Leaders Meeting in Los Cabos approaches, the Undersecretary of Foreign Trade, Francisco de Rosenzweig, led the most significant preparatory discussions, regarding some aspects which have favored market development on the international stage and the outstanding work of Mexico in this area.

He pointed out that this forum aims primarily to further the coordination of policies between its members, in light of the imperative nature of achieving world economic stability and sustainable growth, and therefore considered international trade a fundamental part of the agenda.
 
“Mexico's G-20 Presidency seeks to drive a more integral agenda regarding the multilateral trade system in the medium and long term," said the official.
 
He recognized as key topics: fighting protectionism to keep markets open; agreeing on a new way to gain insight on the current trade environment to give fresh impetus to the Doha Round negotiations, and recognizing the positive link between trade, growth and employment.
 
He mentioned that, in April, the first Ministerial Trade Meeting in G-20 history was organized in Puerto Vallarta, placing trade as one of the highest priorities on the group's agenda.
 
He emphasized that during the meeting, the ministers of the G-20 and guest countries: Cambodia, Colombia, Chile, New Zealand, Peru and Singapore, within the framework of an open and fertile dialog, agreed on the need to pay attention to the behavior of international trade, particularly with the appearance of regional and global value chains.
 
He argued that Mexico has been able to successfully raise awareness on the importance of supply chains working smoothly and supporting conditions to increase trade flow.
 
Putting it into numbers, the Undersecretary of Foreign Trade, Francisco de Rosenzweig, said that currently 56 percent of international trade is in intermediate products and 73 percent of service trade is in inputs.
 
With that in mind, any distortion to any of the links in the supply chain affects regional or global value chains.
 
During the meeting, Francisco de Rosenzweig argued that the ministers shared the conviction to push mechanisms that lead to trade facilitation, an important driver for promoting competitiveness in all sectors, and of the deep relationship between trade and job generation. The ministers propose to intensify efforts to reach an agreement on trade facilitation in the WTO.
 
Furthermore, he reported that Secretary Ferrari would participate in the APEC Trade Ministers Meeting next week, in Kazán, Russia. He stressed that this meeting would be an opportunity to transmit confidence and certainty about the Mexican economy to high-level officials and business people from Asia-Pacific.
 
In addition, Mr. de Rosenzweig said that there are plans to hold bilateral meetings with Russia, Japan, Canada, the United States, Malaysia, Vietnam and Brunei. These last are part of the negotiations of the Trans-Pacific Strategic Economic Partnership Agreement(TPP), and the forum, therefore, represents a great opportunity to continue the consultation process for Mexico's entry into the said initiative.
 
APEC gathers 21 economies, which together represent the most dynamic region of the world: 40% of the world population, 56% of global GDP and 47% of international trade.
 
Mexico joined APEC in 1993, to expand and diversify economic ties with Asia-Pacific and thus gain greater economic presence in the world. APEC represents 85% of total foreign trade for Mexico and 57% of incoming foreign investment.
 
Mexico's exports to Asia have experienced the most growth and show a substantial average increase of 20.3% over the last 6 years. Mexico, therefore, relies on the need to establish more ties to initiatives involving countries of this region.
 
In a similar vein, the Undersecretary reported that Secretary Ferrari would accompany President Calderón to the IV Summit of the Pacific Alliance in Paranal, Chile. The heads of state of Mexico, Chile, Colombia and Peru will participate with the presidents of Costa Rica and Panama as observers.
 
At the Summit, according to information given at the virtual summit in March of this year, the heads of states will have to sign the Pacific Alliance Framework Agreement. The agreement captures the founding objective of gradually achieving the free flow of goods, services, capital and people.
 
The Pacific Alliance is an inclusive integration process, which binds four member states and two observers, with a population of 215 million inhabitants and whose economies represent 35% of the GDP of Latin America and 55% of exports from our region.
 
The Alliance is a mechanism open to all countries of the region, to enhance economic and trade exchange and cooperation between its members, in order to achieve the effective insertion of Latin American economies in trade, investment, innovation and technology flows of the Asia-Pacific region.
 
We are convinced that Mexico today is an example of financial soundness, productive strength and competitive participation in international trade.

 

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