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UK & Mexico Relations Celebrated

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US Tax Reform: Will It Happen?You may not be aware of this, but, further to a joint declaration signed in 2013, a ‘Dual Year’ celebration between the UK and Mexico, designed to enhance cultural and economic relations between the two countries is currently underway.

More specifically, the Governments of both countries have designated 2015 as the year of Mexico in the UK and vice versa the year of the UK in Mexico.

Background

With over 400,000 British visitors to Mexico each year, and with UK businesses on track to double bilateral trade to £4.2 billion by the end of 2015, it is safe to say that a strong relationship already exists between both countries

Mexico is the UK’s fourth largest market for goods exports, and the UK is Mexico’s fifth largest inward investor. This makes Mexico the UK’s second largest trading partner in Latin America, behind Brazil.

This ‘Dual Year’ initiative, which is being coordinated between Mexico’s Ministry of Foreign Affairs and the UK's Foreign and Commonwealth Office, has been designed to further enhance the relationship between both countries with particular focus on the arts and creative industries; education, science and innovation and the development of trade, investment and tourism.

Launch & Initiatives

The Year of the UK in Mexico was formally launched by HRH the Prince of Wales and President Peña Nieto during the Royal Visit to Mexico in November 2014.

In February 2015, UKTI Mexico hosted an ‘Innovation is GREAT Business Summit’, at which key Mexican decision makers learnt about the very best in UK innovation and why the UK is an ideal destination for inward investment.

Through various means throughout the year, Mexico will be promoted as a dynamic country and an ideal destination for investment from the UK, particularly in areas of high interest such as energy. Forums for business will be set up, including the Business Forum, and reciprocal visits of business delegations will take place in order to promote opportunities to increase trade between the two countries.

Mexican State Visit To UK

Early March 2015, brought a State Visit by President Peña Nieto and his wife to the UK, during which the two countries were described as “natural partners” on many pressing issues in today’s international agenda.

During President Peña Nieto’s meeting with Prime Minister David Cameron, both countries pledged to work together in various multilateral forums such as measures to address climate change and clean energy. The development of cooperation in matters of education, science and technology, tourism and economic development were also addressed.

In this regard, an ‘Agreement for the Mutual Recognition of Academic Degrees’ was also signed which is expected to benefit approximately 170,000 highly qualified people and which will allow for greater collaboration and academic exchange between universities in both countries.

Bilateral Trade

British exporters to Mexico will be further boosted by the memorandum of understanding (MOU) signed between UK Export Finance and PEMEX, Mexico’s state-run fuel conglomerate, in respect of a line of credit of up to $1 billion. This finance is intended to be used by PEMEX and its subsidiaries to purchase hardware and services from UK exporters, including SMEs.

The UK Business Secretary stated, “Mexico is an important growth market for our exports and British firms can also use Mexico as a base for wider operations throughout Latin America.”

This ‘Dual Year’ campaign and the numerous connected events held and to be held throughout the remainder of the year, together with increasing trade and cooperation point towards an especially positive period of mutually beneficial cooperation between the two countries, all of which should deliver benefits well beyond 2015.

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