Visit to strengthen trade links with Mexico
Minister for Trade and Export Growth David Parker heads to Mexico this weekend for a series of meetings aimed at strengthening trade links with the Latin American nation.
A focus of the visit is to promote new trade opportunities that have opened up with the entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), New Zealand’s first free trade agreement with Mexico.
“As a G20 member and major economy, Mexico is a key partner for New Zealand. I look forward to discussing how New Zealand and Mexico can work together on an inclusive approach to international trade, and where we can deepen our bilateral cooperation, including in agriculture and rural development,” David Parker said.
Mexico is our largest goods trading partner in Latin America and 21st-largest export market. Main exports to Mexico are dairy products, meat, agricultural machinery and energy machinery.
Two-way trade with Mexico has been increasing steadily since 2014, and for the year ended June 2018 stood at $839 million.
“This visit will be an opportunity to consolidate New Zealand’s relationships with the new Mexican administration and to explore new commercial opportunities under the CPTPP in areas such as high-quality food and beverage products,” David Parker said.
He will visit Mexico City and Guadalajara where he will meet senior political representatives, civil society, media, and business representatives.
As a result of the CPTPP all tariffs on New Zealand exports into Mexico will be eliminated over time, with the exception of some dairy products where duty-free access will still be achieved under quotas. The CPTPP will also make it easier for New Zealand business to bid for government contracts in Mexico, as well as opening new opportunities in services such as education and enhancing visa access for professionals. One of New Zealand’s largest tech companies, Fisher & Paykel Healthcare, has a large and expanding manufacturing operation in Tijuana, Mexico. Meanwhile the $881.5 million Finaccess Capital bid for a majority stake in Restaurant Brands is an indication of new Mexican investment interest in New Zealand.