ASEAN looks to lift trade ties with Mexico

The ASEAN Committee in Mexico City (ACMC) in coordination with the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE) organised a working visit to Michoacan state from October 25 – 28 in order to promote trade and investment ties between ASEAN countries and this locality.

The ASEAN delegation meets with Governor of Michoacan state Alfredo Ramirez Bedolla

The ASEAN delegation, consisting of representatives from the embassies of Indonesia, Malaysia, the Philippines, Thailand and Vietnam, had working sessions with Governor of Michoacan state Alfredo Ramirez Bedolla and officials of the two cities of Morelia and Patzcuaro.

Governor Bedolla and local officials highly valued the possibility of enhancing cooperation in all aspects with ASEAN, especially in economic, tourism, agriculture and seaport development, thus helping Michoacan in particular and Mexico in general diversify export markets and attract more foreign investment.

Michoacan’s officials and businessmen discussed cooperation opportunities in economy, trade and investment between Mexico in general and the locality in particular with ASEAN.

According to statistics from the Secretariat of Economy of Mexico, combined trade turnover between Indonesia, Malaysia, the Philippines, Thailand and Vietnam with Mexico in 2020 reached over 28 billion USD.

In his speech at the event, Vietnamese Ambassador to Mexico Nguyen Hoanh Nam, who is also rotating Chairman of ACMC, emphasized the potential for bilateral cooperation between Michoacán in particular and Mexico in general with ASEAN in the spheres of agriculture and manufacturing industry, information technology, investment, education, tourism and seaport logistics. He affirmed that ASEAN is a gateway for Mexican goods to make inroads into the Asian market.

Regarding the potential of trade between Vietnam and Mexico, the Vietnamese diplomat said Mexico is one of the important markets of Vietnam in Latin America.

He called on businesses to strengthen connectivity and take advantage of benefits brought by free trade agreements (FTAs), especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to further expand trade and investment cooperation.

Mexico is currently the second largest trade partner of Vietnam in Latin America, while Vietnam is the 8th most important import-export market of Mexico in Asia. According to the Vietnamese Ministry of Industry and Trade, two-way trade between Vietnam and Mexico in the first four months of 2021 reached over 1.45 billion USD./.

VNA