‘Despite ‘brexit’ and covid, grows 7% UK-Mexico trade’: Corin Robertson
"The exchange between the two countries is still insufficient," says the British ambassador, so she will look for greater investment opportunities in Mexico
https://www.milenio.com/ – The departure of the United Kingdom from the European Union (Brexit) that took place on January 1, does not mean the end of the commercial relationship with Mexico, on the contrary, it is a great opportunity for both nations to boost their trade. Therefore, the Ministry of Economy signed a Business Continuity Agreement with Great Britain and Northern Ireland that will improve the conditions for the exchange of goods.
In an interview with MILENIO, Corin Robertson, ambassador of the United Kingdom, said that her country is looking for greater investment opportunities in ours, since there is insufficient trade between both nations, which is in the order of 7 billion dollars annually, with growth of 7 percent year-on-year, especially in sectors such as agriculture, automotive, manufacturing, and industries such as pharmaceuticals, food and beverages, among others.
Does Brexit modify the trade relationship with Mexico?
We are still in a very difficult period of the global economy with the covid-19 pandemic, and for us in the UK and the European Union, also for Brexit, it has been a period of a few years, since the referendum in 2016, and that has caused a lot of uncertainty and even trade between the two nations. Despite that, we have seen this 7 percent increase in trade every year, and a lot of investment. We are the eighth international investor in Mexico, and the country is the third investor of all the Americas in the United Kingdom.
Why is the new Business Continuity Agreement important?
This agreement gives us certainty and certainty to British and Mexican companies, which trade goods and services, and which add to the growing commercial relationship. We have been able to secure duty-free trade for firms from both countries and benefits for both Mexican and British consumers, which is the main reason why this agreement is so important to ensure certainty, certainty and continuity of trade.
What is the trade between the two countries?
Bilateral trade these days is almost 7 billion dollars, it is an equal balance between imports and exports for Mexico, and bilateral trade is growing 7 percent each year. Especially in the agricultural, automotive, manufacturing, pharmaceutical, and food and beverage industries.
Are there investment targets?
Trade is growing 7 percent every year, but for me this is not enough, and I think the percentage of British investment in Mexico is not as important compared to the United States, Canada or other European countries, So an important goal is to be able to increase this level of bilateral trade in terms of exports, but also in terms of investment.
Currently, we already have significant investments, creating thousands of quality jobs in both nations, but we can do much better, we have a historic relationship about to turn 200.
What are the opportunities for both nations with the new treaty?
With the new treaty, we can promote even more trade, especially after the pandemic and as part of the economic recovery, with this treaty we have an opportunity to make more links between British and Mexican companies. Mexico is an economy with a lot of potential in the world, British companies see the potential that exists and investments. It is a very attractive country for investment in strategic position.
Any examples of the benefits of the new deal?
The importance of the Business Continuity Agreement was to avoid tariffs and ensure the continuity of benefits that already existed until the end of December 2020, an example is that with this treaty we have been able to avoid a significant tariff burden for our British and Mexican companies, as in the automotive sector, tariffs will remain at zero percent and without the agreement would have been 20 percent, which would have been a fairly significant impact for businesses.
Will they seek rapprochement with Tatiana Clouthier, the new Secretary of Economy?
We had a very close relationship with Graciela Márquez in the Ministry of Economy and her team, and I see the same thing for Tatiana Clouthier’s team, I think we’re going to have a very close relationship, very close, and we have a lot to do this year with the trade treaty commitments.
I will look for an appointment with her to talk about the work we have on a bilateral level this year, but we are doing a lot with her team in Economics regarding the Free Trade Agreement between the European Union and Mexico (Tlcuem) and the economic relationship between the two countries and the cooperation funds that we also have at the British Embassy, and also to exchange ideas between the government of the United Kingdom and the Mexican regarding economic recovery.
In that sense, the Under-Secretary of Foreign Trade of the Ministry of Economy, Luz María de la Mora, said that Mexico is a country open to foreign trade, and that the signing of the Agreement reaffirms the position of the Mexican territory in the face of the opening that exists in the world on the markets.
In Mexico and the United Kingdom, we are ‘bilateralizing’ the relationship we already had on preferential terms under the Free Trade Agreement with the European Union, so it is an important factor to make our economy more dynamic.
The European Parliament will begin today to scrutinize the agreement on relations between the European Union and the United Kingdom, a pact reached on Christmas Eve that the European Parliament was unable to ratify before its entry into force on 1 January.
Several British companies exporting overseas products to the European Union had to pay tariffs with consequences for consumers and trade with Ireland due to the ‘rule of origin’, the impact of which is still difficult to assess.
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