México invited to Trans-Pacific Partnership Negociations

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Press Release No 136/12
Mexico City June 18, 2012.


 

After the bilateral meeting between leaders Barack Obama, of the United States of America, and Felipe Calderón, of Mexico, held within the framework of the G-20 Leaders Summit in Los Cabos, Baja California Sur, it was formally announced that the countries negotiating the Trans-Pacific Partnership Agreement (TPP) have invited Mexico to join the negotiations. The invitation has been accepted with great interest and pride.
 
The Secretariat of Economy emphasized the importance of TPP member countries welcoming Mexico's participation in the negotiations of what is currently the most important trade agreement, to boost trade and encourage trade integration in the Asia-Pacific region.
 
“The strategic value of belonging to the TPP lies in leveraging Mexico's role as a relevant player in global supply chains, both for the US market and in Asia-Pacific, the most dynamic region in the world," said Secretary Bruno Ferrari.
 
Mexico's participation in the TPP negotiations will contribute to the goal of creating a 21st Century agreement which will drive growth and economic development and promote innovation, benefitting our consumers and supporting the generation and retention of jobs, raising living standards and reducing poverty in participating countries and in the Asia-Pacific region.
 
The importance of the TPP for Mexico can be seen from two great dimensions: North America and Asia. In the case of North America, due to the strategic economic relations between Mexico and the United States, the TPP will enable synergies to be further strengthened and the natural integration of our exports deepened, as well as create greater trade opportunities and better jobs. In the case of Asia, Mexico has proven to be a fundamental factor for the economic integration of a good part of the region through its participation in supply chains.
 
Entry to the TPP gives Mexico a great opportunity to continue to diversify its exports and markets to regions with highly dynamic economies. Asia has become the most dynamic region for Mexican exports. In the last six years the average growth of Mexico's exports to Asia has surpassed 20%, primarily to countries with which it has diversified trade, such as Australia, New Zealand and Vietnam.
 
The TPP is currently the most important plurilateral trade negotiation because of its wide range of products and disciplines and economic importance. There are now 9 negotiating members: Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, United States and Vietnam, which in 2011 represented 18% of world imports, 15% of exports and almost one third (26%) of the GDP.
 
Mexico will actively participate in the TPP negotiation process once the internal legal procedures for the incorporation of new members to the trade initiative have been concluded.
 
Mexico's total trade with the nine TPP members reached US$466 billion in 2011. Mexican exports reported US$280 billion. In the same year, Mexican imports were reported at US$186 billion.
 
Mexico continues to embark on negotiations with other nations to establish trade ties with conditions of reciprocity which offer maximum benefits to the manufacturing sector and domestic consumers.

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