NAFTA has proven to be a boon for both countries.
When it comes to the economic relationship between the United States and Mexico, the North American Free Trade Agreement, or NAFTA, has proven to be a boon for both countries.
“Mexico is our second largest export market,” said Assistant Secretary for Economic and Business Affairs Jose Fernandez. “Mexico is our third largest source of imports. Mexico is our third supplier of energy anywhere in the world.” Last year, trade between the two countries reached 460 billion dollars, or about 1.25 billion per day, which is more than four times the level of trade before NAFTA was implemented.
“This is a partnership where we make things together,” said Mr. Fernandez. “We are partners in an integrated enterprise whose fortunes depend on the successful collaboration with one another.” Today, U.S. manufacturers use Mexican components to produce goods for the Mexican market, and vice versa, a cooperation that creates jobs on both sides of the border.
Still, we can do even better, said Mr. Fernandez. By making economic, trade, and investment issues core components of our bilateral relationship and by increasing economic integration among the three NAFTA partners, we can make NAFTA an even stronger platform for North American competitiveness globally.
Over the past four years, the Obama Administration has made a concerted effort to strengthen economic ties with existing partners, to reach out to potential partners in an effort to strengthen tentative relationships, and to build new bridges. The United States has supported Russia’s bid for World Trade Organization membership, hosted the Asia-Pacific Economic Forum, and extended the African Growth and Opportunity Act set to expire in 2009 until 2015. It therefore only makes sense that we develop the strongest possible business relationship with our closest neighbors.
Thus, with an eye toward even further strengthening and deepening economic ties between the U.S. and Mexico, a high-level delegation of U.S. government representatives travelled to Mexico to meet with government and private sector representatives in late January.
“Mexico is an essential economic partner for the United States and is vital to the competitiveness of North America,” said U.S. Department of Commerce Assistant Secretary Michael Camuñez. “We welcome the opportunity to engage . . . .[the Mexican government] to explore how we can further deepen our relationship.”
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