Joint Statement
24 July, 2009
Joint Statement on Strengthening Australia-Mexico Economic Relations
The Hon Simon Crean MP, Australia's Minister for Trade
H E Mr Gerardo Ruiz Mateos, Mexico's Secretary for the Economy and Trade
Australia's Minister for Trade, Simon Crean, and Mexico's Secretary for the Economy and Trade, Gerardo Ruiz Mateos, reviewed the Australia-Mexico economic relationship at their meeting in Singapore on 20 July, following finalisation of the Report of the Australia-Mexico Joint Experts Group (JEG) on Strengthening Bilateral Economic Relations (pdf, 3.1 MB).
The Ministers noted that the value of two way bilateral goods and services trade exceeded AUD 2 billion in 2008. They noted the potential synergies and advantages in closer economic relations, including the strategic advantages offered by each economy's proximity to supply chains in the United States and the Asia-Pacific region. Ministers agreed that further work needed to be undertaken to explore and build upon these synergies which would lead to an increase in the level of trade between the two countries.
The Ministers also discussed the substantial potential of investment to underpin further economic links. Ministers agreed that the bilateral Investment Protection and Promotion Agreement, which entered into force in 2007, provided an excellent framework for further investment in all sectors. Mexican investors could follow the lead of Grupo Gruma, which has established a significant presence in Australia's food sector. Australian companies such as Orica, Howe Leather, Mincom and Bolnisi Gold have made significant investments in Mexico. Macquarie Bank has also recently established an operation to pursue opportunities in Mexico's energy, mining and infrastructure sectors. In this regard, Mexico invited Australia to deepen dialogue to seek opportunities in the mining sector during the "International Convention on Mining" that will take place this October 28, in Veracruz, Mexico. Ministers instructed officials to report further on investment prospects in both economies.
The Ministers reiterated their commitment to boosting the economic relationship between Australia and Mexico. They announced they would hold a Joint Trade and Investment Commission (JTIC) meeting at the earliest opportunity to review the report by officials on new investment opportunities and to assess further means of strengthening the economic relationship between Australia and Mexico.
Ministers welcomed a forthcoming visit to Australia (from 24 - 28 July) by representatives of Mexico's export promotion agency ProMexico. The Mexican representatives will meet with Austrade (their Australian counterpart), senior Australian state government trade and investment officials and Australian business representatives.
The Report of the Joint Experts Group can be found on the DFAT website (pdf, 3.1 MB).
Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555