Mexico was the first country to ratify the CPTPP

On April 24, Mexico became the first country to ratify the Comprehensive Partnership and Trans-Pacific Partnership (CPTPP) after the Senate on Tuesday approved 73 papers. and 24 against.

The signing of the CPTPP is part of a strategy to diversify the export market, expand and seek new Mexican trading partners to reduce dependence on the United States. The Mexican Ministry of Economy estimates CPTPP will help boost exports by 6.7% and contribute to 1.5% of Mexico's gross domestic product. In addition to some of the competitive challenges, particularly in the fields of textiles, footwear with Vietnam and Malaysia, and dairy products with New Zealand, many of Mexico's export sectors have benefited such as automobiles, machinery beef, processed foods, fruits and vegetables. Facing domestic industry concerns due to the unfavorable factors of the CPTPP, Mexican Economy Minister Ildefonso Guajardo said the government would introduce a quota approach and implement policies. support, extend the period of tax reduction from 14 to 16 years to enhance competitiveness. CPTPP was signed on March 8 in Chile among 11 member countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The agreement created a market of over 500 million consumers and accounted for 13.5% of the world's GDP. With CPTPP, Mexico will have free trade activities with 52 countries around the world. The agreement is expected to boost Mexico's GDP by 1 percentage point by 2030.