Release United Kingdom From the block European union It has allowed the country to develop its own free trade policy, which seeks to build “new and ambitious relations around the world”, including Mexico. Jonathan Knot, Commissioner British trade for Latin America and the Caribbean He made a virtual visit to Mexico in which he met Mexican businessmen already established in the United Kingdom.
Although relations between Mexico and the United Kingdom are not new, the two countries are pleased to sign a continuing trade agreement in December 2020, reassuring British and Mexican companies that will be part of the trade relationship.
In an interview Economist, Nat talks about its consequences Proxy UK relations with countries such as Mexico; Economic sectors and implementation process focused on British investors and entrepreneurs Le Fintech, In which the British model had great influence.
How did The Brexit change the relationship between the UK and developing countries, especially Mexico?
-Mexico and the United Kingdom have been strategic partners for almost 200 years. This is a historically and consistently positive relationship. That success continues today. To give you an idea of how successful our relationship has been, our bilateral trade was nearly 113 billion pesos, even considering the impact of the epidemic on bilateral trade flows annually until the third quarter of last year.
Our exit from the European Union (EU) has allowed us to develop our own free trade policy, thereby creating new and ambitious relations around the world. Since we left the camp we have signed new free trade and cooperation agreements with 66 countries and the European Union. Agreements that allow us to work together to liberalize our trade, break trade barriers and build closer alliances.
This certainly includes Mexico, with which he has the great ambition of being an important ally and a country full of opportunities for UK companies. I was thrilled to learn that on December 15, 2020, the United Kingdom and Mexico signed a Trade Continuity Agreement that guarantees the British and Mexican companies that will build our business relationship. From a tariff point of view, this agreement protects the interests of companies in the United Kingdom and Mexico in the automotive, pharmaceutical, textile, agro-food and manufacturing industries: they are highly relevant sectors for both countries.
But we are not satisfied with that. As part of the agreement, we also promised to start negotiating an ambitious new bilateral free trade agreement this year. An agreement prepared in accordance with the future relationship between the United Kingdom and Mexico, which reflects the ambition and timing of our bilateral trade.
What are the major manufacturing sectors in Mexico that attract the attention of British investors and traders?
Solutions UK investors and companies are keen on opportunities to bring UK expertise to Mexico in response to growing demand for technology solutions (from Fintech Up to Etech And Medech), And to areas of the economy that see supply chain opportunities. There is so much interest in the new D-MEC In areas such as digital commerce and technologies and industrial methods 4.0. They are also actively looking at how they can help Mexican companies move the value chain by providing services related to cyber, data management, automation and the Internet of Things.
Foreign investment in Mexico has been steadily declining in recent months, so what do British investors and traders think is the reason for this decline?
Above As mentioned above, Mexico and the United Kingdom have a long business history. The United Kingdom is currently the eighth largest resource Foreign Direct Investment (Foreign Direct Investment) In Mexico. In turn, Mexico is the third largest source of foreign direct investment from the United States to the United Kingdom, behind the United States and Canada. Between 2003 and 2019, about 184 projects came as a result of UK investment in Mexico, which created more than 28,000 jobs.
When Covit-19 International Distribution Globally, foreign direct investment (FDI) fell by 42% by 2020 United Nations Conference on Trade and Development (UNCTAD)Mexico’s foreign direct investment shrank by only 8% last year, making Mexico one of the most affected countries.
Despite the adverse global economic climate, the UK continues to be a leading investment destination, ranking first in Europe as the ‘most attractive destination for foreign direct investment’. Last year, 6 Mexican companies, with the support of a local team British Department of Commerce, Established their businesses in the United Kingdom and attracted investment of over மில்லியன் 300 million (or 8 billion Mexican pesos).
Mexico The United Kingdom has been very active in the development of Fintech law in Mexico, and as a specialist and consultant, how do you see the evolution of the application of this law?
Technology We are very proud of the cooperation model developed around finance technology (Fintech) between Mexico and the United Kingdom. We welcome how regulators in Mexico have become regional and global leaders, and we are pleased with the recent news that more and more fintech sites with innovative business models are being recognized in Mexico, which will have a significant impact on the ecosystem. Mexican financier.
We have also seen a clear increase in the interest of British companies in the Mexican market. We take this as a sign of confidence in the local Fintech ecosystem, which has been strengthened by increased regulatory commitment.
America What opportunities does the UK see in the economic integration of North America, especially in terms of technological development?
We see great opportunities for UK companies within the most integrated technology-centric (and other) distribution chains in North America. We believe that the cooperation and partnership of UK and Mexican companies is important to add even more value to manufacturing processes in the manufacturing sectors on the northern border and from the country at the center and in the south.
In addition, on February 1, 2021, he formally applied to join the UK Trans-Pacific Partnership Comprehensive and Progressive Agreement (Depot). Depot is one of the most important free trade zones in the world, covering 11 countries, including Mexico and Canada. Once the United Kingdom enters, we expect trade flows between all Depot countries, including the United Kingdom and Mexico, to increase by opening up new markets and supply chains, which will create new opportunities for our businesses. In particular, Depot represents new opportunities for modern business areas such as technology and digital that support high-value high-impact jobs in Mexico and the United Kingdom.
What are the impacts that the United Kingdom sees on Mexico’s political and economic system, and may slow its growth, especially with regard to technological innovations?
Each country has its own political, social and economic challenges. What I can say is that over the past few years, the United Kingdom and Mexico have been cooperating to promote growth because we believe that a strong and flexible Mexico is in our mutual interest. I mentioned our support for development Le Fintech Of Mexico, which will help improve access to financial services, which is part of ongoing growth. We have collaborated to help Mexico increase its transition opportunities to the low-carbon economy, to develop programs to help manage the growing urban population through smart city interventions, as well as to work on programs to improve women’s empowerment and women’s participation potential. Creating a labor market or their own businesses.
During my virtual visit to Mexico, I met with Mexican companies already in the United Kingdom with the opportunity to access the various research and development projects we offer. We consider subsidiaries, international trade and innovation as key vehicles to revitalize the world economy. Similarly, we are working internationally with our allies such as Mexico to reverse the recent rise in protectionist activities around the world that are hampering economic recovery.