Illustrative image (Source: VNA) Hanoi (VNA) – Trade between Vietnam and Mexico is expected to thrive once the Trans-Pacific Partnership (TPP) takes effect, heard a conference highlighting opportunities of bilateral cooperation in business, investment and services on September 13 in Hanoi.
According to Do Kim Lang, deputy head of the Trade Promotion Agency under the Ministry of Industry and Trade, Vietnam and Mexico signed the TPP together with 10 other countries in early 2016 with an aim of creating a free trade area in the Pacific region.
Under their commitments, Vietnam will remove more than 65 percent of its import taxes immediately and 98 percent of the taxes in 10 years on Mexico’s goods, while Mexico will take out 72.2 percent of its taxes on Vietnam’s exports, he said, adding that this is a strong boost to the two countries’ trade after 2018.
Meanwhile, Mexican Ambassador to Vietnam Sara Valdes Bolano held that the TPP, as well as other free trade agreements in the region, will create favourable conditions for businesses of both sides to join the global value chain through strengthening business and investment cooperation, enhancing the quality and value of products, and improving competitiveness.
Statistics from the Ministry of Industry and Trade showed that Mexico is currently one of the leading trade partners of Vietnam in America . Mexico also serves as a gateway for Vietnam to enter the Latin-American market.
According to the Vietnam General Department of Customs, two-way trade between Vietnam and Mexico in the first seven months of 2016 was 1.29 billion USD, with Vietnam’s exports worth 1.33 billion USD.
Vietnam’s staples like coffee, ago-fishery products, electronics, spare parts, leather and garments see great potential for expanding their markets in Mexico once the TPP enters into force.
Arturo Perez Behr, Chairman of the National Association of Importers and Exporters of Mexico (ANITERM), said that right after the TPP was signed on February 4 this year, the association launched additional 45 representative offices in countries worldwide, including Vietnam.
The offices aim to support enterprises in accessing trade opportunities in international markets, while helping Mexican firms improve their competitiveness and take advantages of the TPP.
The opening of the office in Vietnam is also a step forward in trade ties between the two countries, he said, asserting that Vietnamese businesses will enjoy more chances to enter the promising Mexican market.-VNA
