Vietnam is a potential garment and textile export market. (Photo: VNA) Mexico City (VNA) – The Government and firms ofMexico see Vietnam as a potential market among members of the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP).
Mexican officials and business leaders shared the common viewat a workshop on investment and trade opportunities in CPTPP held by the Secretariat of Economy andthe Business Council for Foreign Trade (COMCE) of Mexico on February 26.
Undersecretary for ForeignTrade in the Secretariat of Economy Luz Maria de la Mora said when joining the CPTPP, Mexicohas six more export markets, namely Australia, Brunei, Malaysia, New Zealand,Singapore and Vietnam, which have a combined more than 155 millionconsumers. She stressed Mexico’s strategic vision in CPTPP which is free tradeand diversification of export market.
Sergio Ley, President of theAsia-Pacific Directorate at COMCE, said he believed that through CPTPP, Mexico’sexports to Vietnam will surge, particularly the shipment of agriculturalproducts. Vietnam will also serve as the gate for Mexico’s goods to access themarkets in other ASEAN countries.
According to the Mexican Secretariatof Economy, CPTPP will bring about a 6.7 percent increase inthe country’s exports, with beneficiary sectors including automobile,machinery, leather products, beef, processed food and fruit and vegetables.
Meanwhile, Mexico will face competition from Malaysia andVietnam in the fields of textile-garment and leather-footwear.
Mexico’s statistics showed exports to CPTPP member countriesare growing at double the rate in other markets, reaching 3.26 billion USD in2017.
CPTPP has 11 members, namely Australia, Brunei, Canada,Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Itcreates one of the largest free trade areas in the world, with a combinedmarket of more than 500 million consumers and total GDP of 10.1 trillion USD,or 13.5 percent of the world GDP.-VNA
