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Mexico Aims to Diversify Trade with Europe and South America

Strategic Insights

— 1 min read

President Vicente Fox highlighted the need for Mexico to diversify its trade and move beyond its reliance on the North American Free Trade Agreement (Nafta). Despite being the seventh greatest export power in the world, Fox cited the country's slow progress in exploring other markets, particularly in Europe and South America. Fox's trip to Hungary, Poland, and Switzerland from May 11 to 15 aimed to strengthen commercial ties with the 25 members of the European Union (EU). He emphasized the promotional aspect of the trip, seeking to boost economic cooperation between Mexico and the EU.

Key Takeaways:

  • President Vicente Fox stressed the importance of diversifying Mexico's trade beyond Nafta, citing the need to explore European and South American markets.
  • Fox acknowledged that Mexico had fallen behind in developing trade relationships with other regions, particularly during the last 10 years.
  • The "North American Initiative" will be announced soon, aiming to integrate energy policies, highway, airport, and port infrastructure among Nafta-member countries.
  • Fox's trip to Hungary, Poland, and Switzerland from May 11 to 15 was focused on reinforcing commercial ties with the EU.
  • The trip aimed to promote economic cooperation, highway infrastructure, airport, and port integration, and energy policy cooperation.
  • Fox's comments suggested a shift in Mexico's trade strategy, moving from a sole reliance on Nafta to a more diversified approach with other regions.
  • The EU is comprised of 25 member states, and Fox's trip sought to leverage this membership to promote Mexican interests in the region.
  • The "North American Initiative" is expected to emphasize energy policy integration and complementary infrastructure development.

Statistics:

  • Mexico is the seventh greatest export power in the world (as of 2004).
  • Mexico has an existing FTA (Free Trade Agreement) with Europe.
  • Fox'll visit Hungary, Poland, and Switzerland from May 11 to 15 to reinforce commercial ties with the EU.
  • The EU has 25 member states.
  • Nafta-member countries will promote the "North American Initiative" aiming to integrate energy policies, highway infrastructure, airport, and port infrastructure.

Sources:

  • Diario de Yucatan/Corporate Mexico by Internet Securities, Inc. via COMTEX
  • COMTEX (http://www.comtexnews.com)

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