President of the Commerce and Industrial Development Commission of the Senate Hector Larios (Source: Alchetron)

Mexico (VNA) – The Mexican Senate is sitting to consider making a decision whether to pass the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) within the tenure or not, a senator has said.

The term of the current Mexican Senate, known as the 63rd Legislature, will end on April 30, and the new term will begin on September 1.

According to President of the Commerce and Industrial Development Commission of the Senate Hector Larios, senators and representatives from industrial sectors analyse possible measures to address challenges faced by the country’s textiles and footwear sectors, as well as those in negotiating bilateral agreements with its partners who are CPTPP members.

According to Mexico’s Ministry of Economy, CPTPP would help increase the country’s export turnover by 6.7 percent, contributing to 1.5 percent of Mexico’s GDP.

CPTPP is said to make Mexico face some challenges of competition, such as especially in textiles, footwear and dairy products.

However, other sectors will benefit from the trade pact like automobiles, machinery, leather products, beef, processed foods, fruit and vegetables.

The 11 members of the CPTPP, officially inked in Chile on March 8, 2018, are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The 11 CPTPP economies with a combined population of about 500 million make up about 13 percent of the global GDP.

With the trade pact, Mexico will have free trade activities with 52 countries worldwide.

The agreement will enter into force 60 days after it is fully ratified by six of the 11 members.-VNA