Mexico, looking south, sees trade deal with Argentina around year's end

Record ID: 645475

  • Title: Mexico, looking south, sees trade deal with Argentina around year's end
  • Date: 18th April 2017
  • Summary: PERGAMINO, ARGENTINA (FILE) (REUTERS) VARIOUS OF SOYA PLANTATION BEING PLANTED BUENOS AIRES, ARGENTINA (FILE) (REUTERS) VARIOUS OF CONTAINERS BEING MOVED IN BUENOS AIRES PORT
  • Embargoed: 3rd May 2017 00:08
  • Keywords: Mexico Argentina trade deal
  • Location: BUENOS AIRES, JUNIN, ROSARIO, GENERAL PACHECO AND PERGAMINO, ARGENTINA
  • City: BUENOS AIRES, JUNIN, ROSARIO, GENERAL PACHECO AND PERGAMINO, ARGENTINA
  • Country: Argentina
  • Topics: Diplomacy/Foreign Policy,Government/Politics
  • Reuters ID: LVA0066CXFKUB
  • Aspect Ratio: 16:9
  • Story Text: Mexico, seeking closer ties with the rest of Latin America, expects to finish negotiations on a trade deal with Argentina involving cars and agricultural products around the end of the year, Mexico's deputy minister for foreign trade said in an interview on Tuesday (April 18).
    Mexico has been trying to diversify its trade partners since Donald Trump was elected president of the United States, its biggest export market.
    A team of Mexican negotiators led by deputy minister Juan Carlos Baker arrived in Buenos Aires this week to advance talks that started last year, when Argentine President Mauricio Macri pledged to open the South American nation's economy.
    Under the deal, Argentina could gain part of the lucrative grains market in Mexico, Latin America's No. 2 economy, Baker told Reuters.
    In 2015, Mexico imported $2.3 billion worth of U.S. corn and $1.4 billion of U.S. soy. But Baker said those numbers will likely decrease under a renegotiated North American Free Trade Agreement called for by Trump.
    Mexico, in turn, could export cars to Argentina, he said.
    Mexico sells around 80 percent of its exports to the United States, which has been the source of roughly half the foreign direct investment in Mexico in the last two decades.
    Formal talks to renegotiate NAFTA, which also includes Canada, do not have a specific start date. But the U.S. Congress, currently on recess, requires a 90-day notification before official talks can start.
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