Strengthening the multilateral trade system, regional economic integration, the next generation of Free Trade Agreements, supply chains, food safety and innovation are some of the topics addressed at the Trade Ministers Meeting of the Asia-Pacific Economic Cooperation Mechanism (APEC), in which the Secretary of Economy, Bruno Ferrari, participated.
In Kazán, Russian Federation, where the meeting was held, Mexico's head of Economy emphasized the results of the G-20 Trade Ministers Meeting held in Puerto Vallarta, Jalisco last April, where attention was drawn to the relevance of regional/global value chains and the role of trade openness to promote growth and employment. The Secretary highlighted the potential of these topics for triggering synergies with the APEC agenda.
He also underlined the need for APEC to actively push for an early conclusion to the Doha Round negotiations of the World Trade Organization (WHO).
Mr. Ferrari indicated that in relation to the so-called next-generation topics to be included in free trade agreements, Mexico announced the organization of a seminar on the strengthening of Small and Medium-Sized Businesses for their incorporation into global supply chains; they will exchange best practices on how to increase the capacities of these businesses so they can be integrated into international trade as support industries.
Accompanied by the SE's Undersecretary of Foreign Trade, Francisco de Rosenzweig, the Secretary of Economy emphasized the importance of transparency as a fundamental tool for promoting trade openness.
Secretary Ferrari spoke of Mexico's intention to join the APEC cross-border privacy rules (CBPR) system to protect the flows of personal data between members of the cooperation mechanism, which will allow the continued drive of e-commerce in Asia-Pacific.
Mr. Ferrari took advantage of the APEC platform to hold bilateral meetings with his counterparts from Australia, Brunei, Canada, Japan, Malaysia and the United States.
During the meetings he addressed Mexico's interest in taking part in the Trans-Pacific Partnership Agreement (TPP) negotiation process and the efforts to strengthen economic and commercial ties.
APEC gathers 21 economies which together represent the most dynamic region in the world: 40 percent of the world population, 56 percent of global GDP and 47 percent of international trade. Mexico joined APEC in 1993 and currently represents 85 percent of Mexico's total foreign trade and 57 percent of incoming foreign investment. Mexican exports to Asia have experienced the most growth showing a substantial increase of 20.3 percent on average over the last six years.