Mexican officials and business leaders shared the common view at a workshop on investment and trade opportunities in CPTPP held by the Secretariat of Economy and the Business Council for Foreign Trade (COMCE) of Mexico on February 26.
Undersecretary for Foreign Trade in the Secretariat of Economy Luz Maria de la Mora said when joining the CPTPP, Mexico has six more export markets, namely Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam, which have a combined more than 155 million consumers. She stressed Mexico’s strategic vision in CPTPP which is free trade and diversification of export market.
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Vietnam is a potential garment and textile export market. |
Sergio Ley, President of the Asia-Pacific Directorate at COMCE, said he believed that through CPTPP, Mexico’s exports to Vietnam will surge, particularly the shipment of agricultural products. Vietnam will also serve as the gate for Mexico’s goods to access the markets in other ASEAN countries.
According to the Mexican Secretariat of Economy, CPTPP will bring about a 6.7 percent increase in the country’s exports, with beneficiary sectors including automobile, machinery, leather products, beef, processed food and fruit and vegetables.
Meanwhile, Mexico will face competition from Malaysia and Vietnam in the fields of textile-garment and leather-footwear.
Mexico’s statistics showed exports to CPTPP member countries are growing at double the rate in other markets, reaching 3.26 billion USD in 2017.
CPTPP has 11 members, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It creates one of the largest free trade areas in the world, with a combined market of more than 500 million consumers and total GDP of 10.1 trillion USD, or 13.5 percent of the world GDP.
Source: VNA