Despite Brexit and covid, UK-Mexico trade grows 7% (Millennium) – ANTAD

Published: January 11, 2021

“The exchange between the two countries is still insufficient,” says the British ambassador, so she will seek greater investment opportunities in our country The departure of the United Kingdom from the European Union (Brexit) that took place on January 1, does not mean the end of the commercial relationship with Mexico, on the contrary, is a great opportunity for both nations to promote their commercial exchange.

For this reason, the Ministry of the Economy signed a Trade Continuity Agreement with Great Britain and Northern Ireland that will improve merchandise exchange conditions.

In an interview with MILLENNIUM, Corin Robertson, ambassador of the United Kingdom, assured that her country seeks greater investment opportunities in ours, since the commercial exchange between the two nations is insufficient, which is in the order of 7 billion of dollars annually, with growth of 7 percent year after year, especially in sectors such as agriculture, automotive, manufacturing, and industries such as pharmaceuticals, food and beverages, among others.

Does Brexit change the commercial relationship with Mexico? We are still in a very difficult period of the global economy with the covid-19 pandemic, and for us in the United Kingdom and the European Union, also due to Brexit, it has been a period of a few years, since the referendum in 2016 , and that has caused a lot of uncertainty and even for trade between both nations.

Despite that, we have seen this 7 percent increase in trade every year, and a lot of investment. We are the eighth international investor in Mexico, and the country is the third largest investor from all of the Americas in the UK.

Why is the new Business Continuity Agreement important? This agreement provides us with certainty and certainty to British and Mexican companies that trade goods and services, and that add to the growing commercial relationship.

We have been able to ensure duty-free trade to firms from both countries and benefits for both Mexican and British consumers, that is the main reason why this treaty is very important to ensure certainty, certainty and continuity of trade.

How much is the trade between the two countries? Bilateral trade these days is almost 7 billion dollars, it is an equal balance between imports and exports for Mexico, and bilateral trade is growing 7 percent each year.

Especially in the agricultural sector, the automotive, manufacturing, pharmaceutical industry in the food and beverage sector.

Are there investment goals? Trade is growing 7 percent every year, but for me this is not enough, and I think that the percentage of British investment in Mexico is not that important compared to the United States, Canada or other European countries, so an important goal is to be able to increase this level of bilateral trade in terms of exports, but also in terms of investment.

Currently, we already have significant investments, creating thousands of quality jobs in both nations, but we can do much better, we have a historic relationship about to turn 200 years.

What are the opportunities for both nations with the new treaty? With the new treaty, we have the opportunity to promote even more trade, especially after the pandemic and as part of the economic recovery, with this treaty we have an opportunity to make more links between British and Mexican companies.

Mexico is an economy with a lot of potential in the world, British companies see the potential that exists and the investments.

It is a very attractive country for investment regarding its strategic position.

Any examples of the benefits of the new agreement? The important thing about the Trade Continuity Agreement was to avoid tariffs and ensure the continuity of benefits that already existed until the end of December 2020, an example is that with this treaty we have been able to avoid a significant tariff burden for our British and Mexican companies, As in the automotive sector, tariffs will remain at zero percent and without the agreement it would have been 20 percent, which would have been quite a significant impact for companies.

Will they seek rapprochement with Tatiana Clouthier, the new secretary of Economy? We had a very close relationship with Graciela Márquez in the Ministry of Economy and her team, and I see the same for Tatiana Clouthier’s team, I think we are going to have a very close, very close relationship, and we have a lot to do this year with the commitments of trade agreements.

I will look for an appointment with her to be able to talk about the work we have on a bilateral level this year, but we are doing a lot with her team in Economics regarding the Free Trade Agreement between the European Union and Mexico (Tlcuem) and the economic relationship between the two countries and the cooperation funds that we also have at the British Embassy, ​​and also to exchange ideas between the government of the United Kingdom and the Mexican regarding economic recovery.

In this sense, the Undersecretariat of Foreign Trade of the Ministry of Economy, Luz María de la Mora, pointed out that Mexico is a country open to foreign trade, and that with the signing of the Agreement, the position of the Mexican territory is reaffirmed before the opening that exists in the world on markets.

In Mexico and the United Kingdom we are “bilateralizing” the relationship that we already had on preferential terms under the Free Trade Agreement with the European Union, so it is an important factor to make our economy more dynamic, h Scrutiny The European Parliament will begin scrutinizing the agreement today which regulates relations between the European Union and the United Kingdom, a pact reached on Christmas Eve that the European Parliament could not ratify before its entry into force in January.

The diplomat highlights the 200 years of relationship.

ARACELI LÓPEZ Confusion Several British companies that export products made abroad to the European Union had to pay tariffs with consequences for consumers and trade with Ireland due to the “rule of origin”, the impact of which is still difficult to assess.

Source: Milenio Jalisco, Information, Drafting, P1, 01/11/2021

Despite brexit and covid, UK-Mexico trade grows 7% (Millennium)2021-01-112021-01-11

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