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Growing Economic Cooperation Between U.S., Mexico

A truck of the Mexican company Olympics bearing Mexican and U.S. flags approaches the border crossing into the U.S.

The United States and Mexico conduct more than $500 billion worth of trade every year.

Speaking of the relationship between the United States and Mexico, former President John Fitzgerald Kennedy once noted that “Geography has made us neighbors. Tradition has made us friends.” And now, said President Barack Obama during his recent trip to Mexico, “Mexico and the United States have one of the largest, most dynamic relationships of any two countries on Earth.”

Growing Economic Cooperation Between U.S., Mexico
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The United States and Mexico cooperate on a wide range of issues, such as combating cross-border crime; improving citizen security; and preventing traffic in people, weapons and narcotics. But the relationship is much broader than these issues. Among other shared interests, the two countries also enjoy a robust, decades-long economic partnership.

Twenty years ago, the two countries and Canada signed the North American Free Trade Agreement, or NAFTA. The trade agreement spurred competition and investment through increased trade and more open markets, benefiting all three parties.

Today, the United States and Mexico have “a historic opportunity to foster even more cooperation, more trade, more jobs on both sides of the border,” said President Obama.

The United States and Mexico conduct more than $500 billion worth of trade every year. “So every day, our companies and our workers -— with their integrated supply chains —- are building products together. And this is the strong foundation to build on,” said President Obama. But together, we can do more:

“Let’s keep investing in our roads and our bridges and our border crossings so we can trade faster and cheaper. Let’s help our smaller businesses, which employ most of our workers, access new markets and new capital -- the big markets right across the border. Let’s empower our young entrepreneurs as they create startup companies that can transform how we live. And let’s realize the Trans-Pacific Partnership this year, so our two nations can compete and win in the fast-growing markets of the Asia Pacific.”

To further these goals, President Obama and Mexican President Enrique Peña Nieto agreed to establish an annual High Level Economic Dialogue and encourage more collaboration between the United States and Mexico on education, research, and innovation. They underscored their commitment to a secure and efficient shared border, and to increased cooperation in the hemisphere and around the world.

“The great partnership between our two countries will not simply continue, it’s going to grow stronger and become broader,” said President Obama. “Our guiding mission is to improve the lives of our people.”