Media releases
Monday, 18 November 2002 - MVT148/2002
Australia and Mexico Sign Investment Declaration
Trade Minister Mark Vaile and Mexican Minister for Economy Dr Luis
Ernesto Derbez signed on Saturday a Declaration signalling the conclusion
of negotiations on an Investment Promotion and Protection Agreement.
They welcomed the increased certainty the Agreement will bring to
investors from both countries, and reiterated their intention to sign
the formal Agreement as soon as possible.
"We welcome the timely conclusion of what I understand was a very
streamlined negotiation," Mr Vaile said. "It reflects not only a
keen desire to reach a mutually satisfactory agreement, but also highlights
the close and warm relationship that we have developed with Mexico.
"This Agreement will serve to enhance investor confidence in both
of our systems and further intensify our fast-growing trade and investment
relationship.
"This is just one of many positive developments we have seen in the
bilateral relationship this year. We signed a Memorandum of Understanding
on Mining in July and a Double Taxation Agreement in September. We
have also commenced discussions on energy cooperation and on education
and cultural cooperation."
The joint Declaration was signed during the fifth AustraliaMexico
Joint Trade and Investment Commission meeting, hosted by Mr Vaile
in Sydney on 16 November. The meeting, attended by a high-level Mexican
delegation headed by Dr Derbez, marks an important point in the growing
trade and investment relationship, complementing the high level of
cooperation and policy engagement on a variety of bilateral, regional
and multilateral fronts.
Mexico, the ninth largest economy in the world and the largest economy
in Latin America, is now Australia's largest trading partner in Latin
America, with two-way trade exceeding A$1 billion. The meeting addressed
a number of issues relating to bilateral and multilateral trade and
economic cooperation, and Ministers agreed to meet again in two years'
time in Mexico.
Mr Vaile also foreshadowed the release of a DFAT/Council on Australia-Latin
America Relations-commissioned publication, Doing Business in Mexico.
"I highly recommend this very readable guide to Australian companies
interested in the Mexican market," Mr Vaile said.
During the past year, four Australian Cabinet Ministers, including
Mr Vaile, have visited Mexico. Prime Minister Howard's visit in October
for the APEC Economic Leaders Meeting was the first Prime Ministerial
visit to Mexico in 30 years.
"We value highly the meetings we have had this week with Minister
Derbez in the World Trade Organisation and bilaterally. We expect
the relationship to continue to intensify over coming months and years,"
Mr Vaile said.
Media Contact: Robyn Bain +61 02 6277 7420
Local Date:
Friday, 05-Dec-2008 13:22:39 EST
