10/5/2015 Secretaría de Economía
Today, Mexican Secretary of Economy Ildefonso Guajardo Villarreal, along with his Trans-Pacific Partnership (TPP) country counterparts, have announced in Atlanta, Georgia, the conclusion of the ambitious TPP negotiations.
The completion of the negotiations, the Secretary stated, was made possible by the political will, pragmatism and flexibility displayed by all parties involved in the negotiation.
The Secretary of Economy signaled that Mexico and its 11 TPP counterparts reached this historic agreement with a high level of ambition, breadth, and standards never before reached. The TPP will be, without a doubt, a model for future trade negotiations, placing Mexico at the vanguard of these issues.
For Mexico, this trade agreement is of utmost relevance, as TPP opens new opportunities for Mexican businesses in 6 markets of the Asia-Pacific (Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam), the region that will register the most economic growth over the next 25 years.
Additionally, TPP will strengthen value-chain integration among Mexico, the United States, and Canada, contributing to the goal of making North America the most competitive region in the world. TPP will also consolidate Mexico’s preferential market access in Chile and Peru, priority trading partners of Mexico in Latin America, while deepening preferential access to the Japanese market.
Ildefonso Guajardo Villarreal emphasized that as a result of difficult negotiations, Mexico achieved adequate balance between market access and sensitivities in areas such as automotive-auto parts, textiles-apparel, and agricultural products, including rice, meat products, and the dairy industry.
Guajardo acknowledged that the conclusion of these negotiations was made possible due to the support and participation of all of the departments and federal agencies involved, as well as ongoing consultations with representatives from across Mexico’s productive sectors, through what has become known as the “side-room” consultation process.
The 11 countries forming TPP represent nearly three fourths (72%) of Mexico’s overall foreign trade and the origin for over half (55%) of total investment received by Mexico since 1999.
Translated by: The Mexico Institute
Read the full press release in Spanish here.