This would ensure that the trade deal is secured before President Trump’s renegotiation of NAFTA (North America Tree Trade Agreement).The country’s deputy minister for foreign trade Juan Carlos Baker said they are trying to diversify their trade partners by seeking closer ties with the rest of Latin America.
Mexico presently imports over 30% of all US dairy exports worth in the region of $1.2bn (€1.116). It also imports $2.3bn (€2.139bn) and $1.4bn (€1.3bn) of US corn and soy and some of these may be displaced in any new agreement.
Mexico sells about 80% of its exports to the US, which has been the source of about half of the foreign direct investment in Mexico for the last 20 years.
Formal talks to renegotiate NAFTA, which includes Canada, do not have a start date yet. However, the US Congress, which is currently on recess, requires a 90-day notification before official talks can start.