Mexico and 11 other Pacific countries agreed on Monday a deal on a comprehensive trade pact will reduce tariff barriers and establish common standards for these countries an official close to the negotiations said.
“The outcome of the negotiations was made possible by the political will, pragmatism and flexibility of each of the parties involved in the negotiation,” said the Minister of Economy, Ildefonso Guajardo, according to a statement.
The Trans-Pacific Strategic Economic Partnership Agreement (TPP by its acronym in English) as well aa Mexico includes Australia, Brunei, Canada, Chile, Japan, Malaysia, New Zealand, Peru, Singapore, United States and Vietnam. These countries account for 40 percent of world GDP.
Ildefonso Guajardo said in the statement that the agreement for Mexico is extremely important because it opens new business opportunities for the Mexican productive sector in six markets in Asia-Pacific: Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam.