Vietnam seen as potential market in CPTPP by Mexico

01 Mar '19
1 min read

Vietnam is seen as a potential market by Mexico among members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Officials and business leaders expressed this at a workshop on investment and trade opportunities in CPTPP held by the secretariat of economy and the Business Council for Foreign Trade (COMCE) of Mexico recently.

According to Sergio Ley, president of the Asia-Pacific Directorate at COMCE, Mexico’s exports to Vietnam, particularly the shipment of agricultural products, will rise through CPTPP. Vietnam will also serve as the gate for Mexico’s goods to access the markets in other ASEAN countries, he said.

CPTPP will bring about a 6.7 per cent increase in the country’s exports, with beneficiary sectors including automobile, machinery, leather products, beef, processed food and fruit and vegetables, a Vietnamese news agency reported citing the Mexican secretariat of economy.

Mexico will, however, face competition from Malaysia and Vietnam in the fields of textile-garments and leather-footwear.

Statistics show Mexico’s exports to CPTPP nations are growing at double the rate in other markets, reaching $3.26 billion in 2017. (DS)

Fibre2Fashion News Desk – India

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