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U.S.-Mexico Economic Relations

US - Mexico trade
US - Mexico trade

U.S.-Mexican relations have grown on every front, said U.S. Commerce Secretary Penny Pritzker on a recent visit to Mexico.

U.S.-Mexican relations have grown on every front, said U.S. Commerce Secretary Penny Pritzker on a recent visit to Mexico. The United States in 2013 reached record exports to Mexico totaling $226 billion; two-way trade amounted to $507 billion. "We trade with each other more than ever before,” said Secretary Pritzker. “We invest in each other more than ever before. And we produce more than ever before."

U.S.-Mexico Economic Relations
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In an effort to advance economic and commercial priorities central to promoting growth, creating jobs, and increasing global competitiveness, the United States and Mexico agreed in 2013 to launch the High-Level Economic Dialogue as an additional means of advancing a robust bilateral agenda that promotes economic growth in both countries, creates jobs for citizens on both sides of the border, and ensures our nations can compete globally.

Secretary Pritzker discussed the need to increase border infrastructure investment. The United States and Mexico both recognize the need to work together so border infrastructure meets the needs of our dynamic economic relationship by safely and efficiently facilitating the flow of people and goods.

Facilitating cross-border travel is a bilateral priority. Through dialogue, the United States and Mexico are exploring opportunities to more fully promote travel and tourism between the two countries, attract visitors from outside the region, and promote and expand enrollment in existing travel facilitation programs such as Global Entry, NEXUS, and SENTRI.

Both governments are also committed to supporting and deepening work on regulatory cooperation. The U.S.-Mexico High Level Regulatory Cooperation Council works to remove unnecessary regulatory barriers to trade, reduce costs to business, and improve the quality and safety of products.

Another priority is promoting investment in both countries. As Secretary Pritzker said, "our competitiveness as a region increasingly depends on our ability to cooperate to attract investment..."

The United States and Mexico also recognize that entrepreneurship, innovation, and investment drive successful economies. To support an entrepreneurial ecosystem, the Mexico-U.S. Entrepreneurship and Innovation Council organizes business plan competitions, supports women entrepreneurs, and develops projects.

Secretary Pritzker summarized the limitless potential for the U.S.-Mexico partnership if both sides work together. “Let’s continue to weave the fabric that brings our businesses and our citizens closer together, and let’s continue to trade, invest, build, and innovate with each other to increase our competitiveness."