Twenty years ago, NAFTA, entered into force, setting the stage for a twenty-year period of even greater economic cooperation between the United States, Mexico, and Canada.
Twenty years ago, the North American Free Trade Agreement, or NAFTA, entered into force, setting the stage for a twenty-year period of even greater economic cooperation between the United States, Mexico, and Canada. In that time, U.S. investment in Mexico increased six fold, while Mexican investment in the U.S. economy grew by a factor of twelve.
“The United States and Mexico have integrated our economies…creating good jobs and new opportunities for citizens of both our countries,” said Assistant Secretary for Western Hemisphere Affairs Roberta Jacobson before the House of Representatives Foreign Affairs Committee.
“The United States and Mexican manufacturing economies build products together for the North American market and globally. Cultivating this relationship has allowed our citizens to realize one of the key benefits of economic integration – increased competitiveness – that forms the basis for good jobs and prosperity,” said Assistant Secretary Jacobson.
In May 2013, President Obama and Mexican President Enrique Peña Nieto announced the U.S-Mexico High Level Economic Dialogue to further deepen and elevate economic cooperation. Through the dialogue, the United States and Mexico work to promote mutual economic growth, job creation, and global competitiveness, underscoring the long-standing importance and dynamism of our economic relationship.
One important element of the Dialogue is the shared recognition that entrepreneurship, innovation, and education drive successful economies. The Mexico-U.S. Entrepreneurship and Innovation Council supports innovative practices in both countries by organizing business plan competitions, supporting women entrepreneurs, developing technology projects, and much more.
The United States and Mexico are also increasing cooperation in higher education to sustain the economic gains of the last 20 years as well as create jobs and opportunities for the next generation. Ongoing U.S.-Mexico security cooperation underpins these goals by building safe and secure communities where our economic partnership can flourish. Under the North American Leaders Summit, we are also cooperating on regional energy security.
“We’re building on the strong foundation of decades of trade integration,” said Assistant Secretary Jacobson. “Like us, our neighbors want to unlock the massive potential of our citizens and our economies – not just each of us acting alone, but both of us, together. The Mexican government seeks strategic engagement with us, capitalizing on our shared values and our common border to promote regional security, open new markets to trade, and maximize our leadership in the Western Hemisphere and the world.”