We want notable growth in trade with EU: Mexico informs Merkel

President Enrique Pena Nieto informed German Chancellor Angela Merkel on Friday that he wanted a notable growth in trade with the European Union, engaging to complete new trade deal by year’s end.

Mexican government of Pena Nieto has been actively seeking new trade opportunities since US President Donald Trump came to office with ultimatum to control Mexico’s prosperous access to American markets.

Mexico is currently in negotiations with the European Union to overhaul a free trade agreement they signed 20 years ago.

Both Merkel and Pena Nieto promised on Friday to conclude the enlarge deal by the end of the year, as the German leader began a two-day visit to Mexico.

Pena Nieto told a joint press conference, “We hope the modernization of the free trade agreement between Mexico and the European Union leads to a significant increase in our trade relationship.”

Merkel praised Mexico’s “powerful commitment to free trade,” in an enfold jab at Trump’s strikes on globalization.

End of some of Trump’s most blazing attacks on trade have been sustained on both Pena Nieto and Merkel.

The US president says that he has resulted in American jobs flooding south across the border for which he has activated the negotiation of the North American Free Trade Agreement (NAFTA) with Canada and Mexico.

Last month he also criticized at what he called the United States’ massive trade shortage with Germany, and charged the country of failing to pay its way in the NATO alliance.

Mexico and Germany did $17.8 billion in trade last year, and are keen to develop the relationship.

Major German automakers such as Volkswagen and Audi have started huge plants here, helping Mexico to become the seventh-largest auto producer in the world.

Except the United States and Spain, Germany’s foreign direct investment here totaled $2.4 billion last year, More than any other country.

Merkel, who is traveling with a large business deputation, was in Argentina another Latin American powerhouse on Thursday and Friday morning.

She will attend an economic forum Saturday before flying home.

Source: AFP

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