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Mexico Outlines Benefits Of TPP

by Mike Godfrey,, Washington

12 October 2015

Mexico's Secretariat of Economy has welcomed the conclusion of negotiations on the Trans-Pacific Partnership (TPP).

The Secretariat said that the agreement is of "utmost importance" for Mexico as it opens up markets for its products in six Asia-Pacific countries – Australia, Brunei, Malaysia, New Zealand, Singapore, and Vietnam. It said that the region is expected to record strong economic growth in the next 25 years.

In addition, the TPP strengthens the integration of production chains in Mexico, the United States, and Canada, making North America the "most competitive region in the world," the Secretariat said.

The Secretariat also said that the TPP improves Mexico's preferential access to markets in Chile and Peru, its main Latin American trading partners. It also deepens its preferential access to the Japanese market.

The 11 countries that are party to the agreement along with Mexico account for nearly 72 percent of Mexico's foreign trade and 55 percent of the foreign investment received by Mexico since 1999, the Secretariat said.

TAGS: tax | investment | Brunei | Chile | export duty | tariffs | Australia | Mexico | Singapore | Canada | Malaysia | New Zealand | Peru | United States | import duty | trade | Japan | Vietnam | free trade zone | Asia-Pacific | North America | Economy

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