Foreign Secretary visit to Mexico boosts international trade opportunities in the country and wider region
28 September 2021
International trade and investment was the central theme of the Foreign Secretary’s visit to Mexico City on 23 September.
Since 2010, UK exports to Mexico, which is due to be the world’s seventh largest economy by 2050, have grown 7% annually with bilateral trade worthy £5.1bn.
During her visit, the Foreign Secretary discussed plans to develop a new, updated UK-Mexico Free Trade Agreement and Mexico’s continued support for the UK’s accession into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The CPTPP is a free trade agreement that could see 99.9% of UK exports being eligible for tariff-free trade between its members which currently include Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia. The CPTPP accounts for around 13 per cent of GDP globally, with around half a billion people living in the participating nations collectively.
Peter Bainbridge, Export Advisor for Chamber International welcomed last week’s visit by the Foreign Secretary: “Building on the recently signed UK-Mexico Trade Continuity Agreement and as a strategic gateway to both the US and Canada and the rest of Latin America, now is the time to strengthen our trade and investment relationship with Mexico. With Mexico due to spend over $26.3bn in private and public infrastructure projects over the next two years and the leading destination for UK food and drink products in Latin America and the Caribbean, the UK’s trade relationship with Mexico has huge potential”.
“Chamber International has supported a number of UK exporters to do business in Mexico. We are delighted that the British Chamber of Commerce Mexico will be presenting the commercial opportunities in Mexico at Chamber International’s “Exporting – Help to Find New Markets” seminar on 22 October”.
For further details about the “Exporting – Help to Find New Markets” event taking place on 22 October, click here
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