Mexico and the United Kingdom will create a Bilateral Committee to Improve the Business Environment, announced this Saturday the Ministry of Economy.
The announcement was made as part of the results of the working visit carried out by the Undersecretary of Foreign Trade, Luis Rosendo Gutiérrez Romanoto London.
The visit focused on three strategic objectives: strengthening compliance with the rules of origin in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TIPAT), establishing a Bilateral Committee to Improve the Mexico-United Kingdom Business Environment and promoting productive alliances in strategic sectors, particularly electronic components and pharmaceutical products.
First of all, Mexico works with the United Kingdom to build a coalition of TIPAT member countries that allows strengthening surveillance and compliance with the rules of origin of the Treaty. This initiative seeks to avoid trade triangulation practices and ensure that tariff benefits are granted only to products that comply with the provisions of the agreement, thus protecting national industries against unfair trade practices.
Secondly, Mexico seeks to establish a Bilateral Committee to Improve the Business Environment with the United Kingdom, following the cooperation model it currently maintains with Japan. This mechanism will allow maintaining a permanent dialogue between both governments and the private sector to identify investment opportunities, address trade obstacles and facilitate the operations of companies from both countries.
Thirdly, the visit sought to promote productive alliances between Mexican and British companies in strategic sectors, particularly electronic components and the pharmaceutical industry. He objective was to promote joint investmentsfacilitate technology transfer and strengthen the integration of supply chains that generate quality jobs and greater added value in Mexico.
As part of his work agenda, the Undersecretary held meetings with Chatham House and Canning House, two reference institutions in the analysis of international relations and economic links between the United Kingdom and Latin Americawith the aim of exchanging perspectives on international trade, economic security and opportunities to strengthen the bilateral relationship.
Likewise, the Undersecretary met with representatives of Wise, a British financial technology (fintech) company specialized in international payments, and Ankura Consulting Group, an international business consulting and advisory firm, to explore opportunities for collaboration, facilitate commercial and financial operations between both countries and identify new areas of investment and economic cooperation.
“These actions are part of the efforts of the Ministry of Economy to diversify Mexico’s trade relations, strengthen the competitiveness of the national industry and attract investments in high value-added sectors, in line with the objectives of Plan Mexico,” the Ministry of Economy said in a press release.
Source: es-us.noticias.yahoo.com
