Mexico Observes APEC Free Trade Agreement Formation Cautiously

Strategic Insights -

Mexico is carefully watching the possible creation of a free trade agreement between the Asia-Pacific Economic Cooperation (APEC) countries, following the summit in Santiago, Chile. Mexican Secretary of Economy Fernando Canales Clariond stated that for such an agreement to be successful, there are still many factors lacking, including a human, political, and social process. While Mexico is not yet ready to join the agreement, it is advancing a separate Economic Association Agreement (EAA) with Chile. This EAA aims to increase trade and cooperation between the two countries, with provisions for government purchases, resolution of dumping cases, and commercial promotions.

Key Takeaways:

  • Mexico is cautiously observing the potential formation of a free trade agreement between APEC countries.
  • Mexican Secretary of Economy Fernando Canales Clariond believes there are still many factors lacking for a successful trade agreement among APEC nations.
  • Mexico is currently advancing an Economic Association Agreement (EAA) with Chile to boost trade and improve international cooperation.
  • The EAA will include chapters on government purchases, resolution of dumping cases, and stimulating commercial promotions.
  • Chile and Mexico have bilateral relations and are planning to implement rules for resolving possible dumping cases.
  • Canales Clariond mentioned the importance of a human, political, and social process in achieving the necessary maturity for a trade agreement.

Statistics:

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Sources:

  • Notimex/Corporate Mexico by Internet Securities, Inc. via COMTEX
  • El Mercurio (Chilean newspaper)
  • COMTEX (http://www.comtexnews.com)