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Mexico Wants to Be the World’s Largest Free Trade Zone in Transpacific Alliance

Article Summary:

Mexico has formalized its entry into negotiations to create the Free Trade Trans (TPP), the world’s largest free trade area, after receiving the invitation from its largest trading partner, the United States.

Photo Credit: Univision

Original Article Text From Univision via Google Translate :

Mexico goes into negotiating a Free Trade Area Trans

Mexico on Monday formalized its entry into negotiations to create the Free Trade Trans (TPP), the world’s largest free trade area, after receiving the invitation of its largest trading partner, the United States.

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Mexico, who had applied for membership last year at the summit of countries in the Pacific Rim in Hawaii, will join the negotiations of the other nine countries involved, once you have complied with its internal procedures, informed the Office of the U.S. Trade Representative (USTR) said in a statement.

“In these times of recession in some regions, slowing in others, the TPP is perhaps the largest area of ​​growth potential in the world in a decade,” said President Felipe Calderon after a meeting with President Barack Obama.

Growing network of nations and are dynamic: Obama
The Mexican president met with Obama to host the summit of advanced and emerging countries of the G20, which opened in Los Cabos.

“The fact that President Barack Obama has informed me that the United States to Mexico welcomes this negotiation process, too, is an example of the strong relationship we have between the U.S. and Mexico,” Calderon added.

“We both recognize that growth will take place in Southeast Asia. We are part of this growing network of nations and are dynamic,” Obama said on his part.

“We are delighted to invite Mexico, our neighbor and the second largest market for our exports, to join the TPP negotiations,” said Ron Kirk, the United States Trade Representative, a country that drives the negotiations.

Nine APEC countries opened negotiations in 2004, and are already in the twelfth round of negotiations.

Opportunity to strengthen economic ties: Kevin Brady
The Obama administration announced shortly to Congress his intention to include Mexico, after which process opens a three-month consultation with the Legislature on “the objectives with respect to Mexico,” said USTR.

The TPP seeks to create the Free Trade Area of ​​the world’s largest on both sides of the Pacific, and currently includes Australia, Brunei, Chile, USA, Malaysia, New Zealand, Peru, Singapore and Vietnam.

Japan and Canada have expressed their desire to join. An agreement that included the 21 APEC economies has the potential to cover 50% of world trade.

Mexico is a partner of the United States and Canada in the Free Trade Agreement (NAFTA), and already has signed trade agreements with several members of the PPT.

“Mexico is our third largest trading partner, and participation (in the TPP) creates an opportunity to deepen and strengthen our economic ties,” responded the head of one of the legislative committees of Congress responsible for the approval, Kevin Brady.

Link to Original Article:

From Univision

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