Mexico goes for six new FTAs

The Mexican President, Enrique Peña Nieto, gave instructions to Ildefonso Guajardo, Secretary of Economy, to turn the Trans Pacific Partnership Agreement (TPP) into bilateral agreements with Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam. Mexico has opportunities to increase its exports of manufactured goods to this six nations group, mainly in the automotive sector. The TPP was meant to open new markets to Mexico, with vehicle imports add up to more than US$20 billion. This represents the total of the foreign automotive purchases between Australia, New Zealand, Malaysia y Vietnam, Singapore and Brunei, countries that Mexico does not have FTAs with. Singapore would have greater certainty to invest in industries such as the energy, tourism and the infrastructure sector in Mexico; while Vietnam represents a manufacturing competitor to Mexican entrepreneurs in areas such as textile, shoe and apparel production.