Formally, Mexico joined today to the negotiation of the Trans Pacific Association Agreement (TPP) as a formal member according to the internal procedures in the countries members of this initiative.
This important achievement in the trade policy for the present administration has been the result of an intense procedure of efforts, which was started in November 2011 when Mexico expressed its interest in being part of such negotiation.
After the meeting between the President of the United States, Barack Obama, and the President of Mexico, Felipe Calderon, during the Summit of the Group of Twenty (G-20), held in Los Cabos on June 18, the countries participating in the TPP made an invitation to Mexico to join the Agreement.
From today, Mexico is the tenth member of the TPP. This allows it to participate completely and have an effect on the negotiations of all items that are part of this initiative, and reflect the Mexico’s interests on the discussions and the consequent elaboration of the instrument that consolidates to the Agreement itself.
At present, the TPP is the most relevant and ambitious plurilateral agreement internationally due to the coverage of products and the disciplines included, as well as the countries participating in it, which represented the 18 percent of imports, 15 percent of exports, and almost the third part (26 percent) of the world GDP in 2011.
For Mexico, the strategic value of the TPP is that the Agreement constitutes a platform to promote the trade and develop the trade integration of our country in the Asia-Pacific region; this offers Mexico, on the one hand, the opportunity to continue diversifying its exports and, secondly, to take full advantage of its main role in the global supply chains for both, the U.S. market and for those of the Asia-Pacific area (currently the most dynamic of the world in terms of economy).
In regard to the status of negotiations, the fifteenth round of discussion in a wide format of the Agreement will be held from 3 to 12 on December this year in Auckland, New Zealand; regardless this, Mexico has managed to be host of a previous inter-sessional meeting, which is expected to carry out from 12 to 15 November in our country including the participation of all members of the TPP (Australia, Brueni, Chile, United States, Malaysia, New Zealand, Peru, Singapore and Vietnam).