Mexico, first country to ratify the Trans-Pacific Partnership

26 April, 2018

Warning: foreach() argument must be of type array|object, bool given in /home/mexiconow/public_html/sites/mexiconow/wp-content/themes/mexiconowwpnew/single.php on line 253

With 73 votes in favor, 24 against and 4 abstentions, the Mexican Senate ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (also known as TPP 11), becoming the first country member to approve this free trade agreement between 11 nations of the Asia-Pacific region.

The commercial pact will enter into force 60 days after six countries, or 50 percent of the members have approved it and notified the other parties.

It is made up of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

In a long discussion, legislators argued against the ratification, noting that the treaty will put industries such as footwear, textiles and clothing at a disadvantage compared to their Asian competitors.

In contrast, those who supported the ruling said that the agreement will open the possibility for Mexico to access markets in Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam, as well as consolidating trade with Japan, Chile, Peru and Canada.

The TPP 11 opens the possibility of exporting products such as vehicles, auto parts, medical devices, electrical equipment, components of the aerospace industry, perfumery, cosmetics, food, beer and tequila.

The TPP 11 countries represent, for Mexico, a market of 372 million potential consumers. The country’s trade with this block reached US$ 67 billion in 2017.

MexicoNow

- New NAFTA deal within reach in the next three weeks, says CNBC

- Asian brands account for more than half of Mexico’s auto sales in the first quarter