Open markets, essential to boost the economic recovery

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Mercados abiertos, fundamental para impulsar la recuperación económica

In an environment marked by the global economic slowdown, the preservation of open markets is essential to boost the economic recovery, especially when a large percentage of the Gross Domestic Product of a country is related to trade, as indicated by the Minister of Economy, Mr. Bruno Ferrari to the 10 countries comprising the Trans-Pacific Partnership Agreement.

During the lunch offered to start the intersessional meeting of the Trans-Pacific Agreement, the Minister of Economy emphasized the importance of this Agreement as a platform to facilitate and improve the business environment in our country through disciplines that provide a greater certainty in areas included in the negotiation, such as regulatory improvement, development, trade facilitation and support to small and medium sized enterprises (PYMEs).

Before the representatives of the United States, Chile, Peru, Vietnam, Malaysia, Singapore, Brunei, Australia, New Zealand and Canada, Mr. Ferrari said that Mexico recognizes the importance of promoting the international trade and the investment to contribute to the objective of achieving a sustained economic growth and a long-term sustainable development.

During its participation, he also said: “Protectionism has not gained ground in Mexico. Not only we have avoided restriction measures of trade that supposedly “protect” our market, but we have negotiated and implemented new trade agreements as a more open economy is good for producers because they can have the best quality inputs with the best prices for them and the consumers, as they can have a greater variety of products at the better prices”.

He also considered that trade barriers have adverse effects on the economy and harm consumers due to they increase the price of imports and domestic products, and limit the consumer choice. 

The Minister of Economy emphasized the importance of developing creative strategies for a balanced and sustainable growth based on the promotion of better business opportunities that generate more jobs, reduce the poverty and inequality and generate a larger development.

He considered that: “The current economic crisis and the challenges of the future demand our ability to work together. Global challenges must be addressed collectively and strategically, despite the individual efforts made by countries, which are still very important and could make the difference”.

In his message, he referred to the structural reforms performed by Mexico to mitigate the short-term effects of the international economic crisis, which had allowed creating a better business environment and enhancing the competitiveness of the economy.

In this regard, he said that an ongoing process of revision of the regulations had been implemented in order to achieve a better regulatory framework that provided the foundations for a strong and dynamic economy.

He also said that the administrative burden had been reduced to start a business, and a program to simplify foreign trade had been launched including a website that allows doing procedures of foreign trade electronically.

On his part, Undersecretary of Foreign Trade of the Ministry of Economy, Mr. Francisco Rosenzweig, emphasized that the discussion topics of the intermediate meeting are based on two chapters in which Mexico have wide experience and leadership, such as the regulatory consistency and development.

The meeting in Los Cabos prepares the way towards the fifteenth round of the TPP, which will take place from 3 to 12 December in Auckland, New Zealand, and in which at least 25 negotiating active tables will be met.  

On October 8 of the current year, Mexico formally joined the TPP negotiations.

At present, the TPP is the most relevant and ambitious plurilateral trade negotiation internationally, not only because the participation of eleven trade partners that involve a 30% of the global GDP, 19% of exports, 22% of the world imports and 10% of the world population, but by the product coverage and the disciplines included.

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