By Adina Moloman
The decision to invite Canada and Mexico to join the Trans-Pacific Partnership (TPP) was taken last year during the G20 Summit in Los Cabos, Mexico.
With this decision TPP includes countries from the Americas, Asia and Oceania.
During the Trade Ministers Meeting of the Forum of Asia-Pacific Economic Cooperation (APEC), which took place last month in Surabaya, Indonesia, the Mexican Secretary of Economy presented Mexico’s progress and future actions in order to conclude its Trans-Pacific Partnership (TPP) negotiations admission by October 2013.
Admission to TPP is a promising venture for Mexico to take an effective step toward the diversification of its trade relations, considering that so far Mexico had a traditional inclination toward the United States as regards its foreign trade and holds trade deficits with many Asian trading partners. Lately Mexico was focused on defining mechanisms to reverse the trade deficit with some Asian countries, especially with China by increasing Mexican exports, increasing the investment flows in both directions and the establishment of a high-level working group to address the issues of bilateral and multilateral agenda.
The TPP market could offer Mexico billions of dollars in economic gains and an increase of companies Manufacturing in Mexico.
The TPP represents for Mexico an opportunity to attract more productive investments, especially related to high tech investment.
During this event the Mexican Secretary of Economy hold bilateral meetings with ministers responsible for trade from Canada, Singapore, Hong Kong, China, Philippines, New Zealand, Korea, Australia, Malaysia, Indonesia and the United States. They were analyzing areas of opportunity and cooperation between all of these countries with a special focus on the bilateral agenda with countries such as USA, Canada, China and Chile.