China-Mexico ties deepen

Updated: 2014-10-06 03:23

By ZHANG FAN in Sao Paulo and CHEN LONGXIANG in Beijing(China Daily Latin America)

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China-Mexico ties deepen

Chinese Foreign Minister Wang Yi (left) shakes hands with Mexican President Enrique Pena Nieto at the Los Pinos Presidential Palace in Mexico City, Mexico on Sept 29. China and Mexico vowed to deepen political mutual trust and promote comprehensive cooperation. The pledge was made when Wang Yi, who is here to attend the 6th meeting of the two countries' inter-governmental standing committee, met with Enrique Pena Nieto. Xinhua

Mexico is undergoing economic reforms in key fields which will allow more Chinese enterprises to come to Mexico for investment and expand cooperation in finance and energy, according to Mexican President Enrique Pena Nieto.

During a meeting with the visiting Chinese Foreign Minister Wang Yi on Sept 29 in Mexico City, Nieto said that he highly values his friendship with Chinese President Xi Jinping and is looking forward to visiting Beijing this November.

"The current reforms are new opportunities for the China-Mexico ties and are good for mutually beneficial cooperation," said Nieto.

Wang said Mexico is a large regional state with international influence, as well as being an important new-emerging market. The two countries should continue to develop practical cooperation in all fields based on the high-level political mutual trust, and especially promote projects in infrastructure construction and energy.

Wang Yi visited Mexico from Sept 28 to 30 at the invitation of Mexican Foreign Minister Jose Antonio Meade to co-chair the sixth meeting of the China-Mexico Intergovernmental Standing Committee. His trip is intended to help pave the way for Nieto's visit to Beijing during the APEC meeting next month.

During President Xi Jinping's state visit to Mexico in June 2014, the two sides announced the upgrading of China-Mexico relations to a comprehensive strategic partnership.

As China and Mexico "are both moving onto a fast-track of economic and social development and embracing a promising future", there is "an unprecedented opportunity for our two countries to further advance bilateral relations", Xi said in a speech to the Mexican Senate.

"The comprehensive strategic partnership between China and Mexico adds new energy to our bilateral relations," said Wang at the meeting of China-Mexico Bilateral Commission on Sept 29. "The Committee will serve as an important mechanism for governmental cooperation and help enhance communication."

Mexico is currently China's second-largest trading partner and second-largest export market. Bilateral trade between China and Mexico reached $36.6 billion in 2012, an increase of 9.95 percent over 2011. China is also Mexico's second-largest global trade partner, according to the Mexican government.

By the end of 2012, total investment from Mexico to China reached $106 million, with concentrations in the food, logistics and construction materials sectors. By the end of 2011, according to the Chinese government, the investment from China to Mexico reached $264 million, mainly in mineral products and the manufacturing industry.

Chile and Peru have signed free trade agreements (FTA) with China. The Mexican ambassador said in a previous interview with Chinese media that though there is no FTA between the two countries, China and Mexico still enjoy open markets in both countries and the increase of trade volume is obvious.

"Wang's visit to Mexico will be another major event of China-Mexico political exchanges that are warming up quickly due to the strong political will of the two heads of state to develop the bilateral relationship," said Sun Hongbo, a researcher in China-Latin American relations at the Chinese Academy of Social Sciences.

"Mexico has started its reforms in energy, telecommunications and other fields and is in urgent need of foreign investment. Mexico welcomes more Chinese investment in its infrastructure and other sectors," Sun said.

Mexico is an important player in Latin America and has great geopolitical significance because it is adjacent to the United States, he said.

"The deepening of China-Mexico ties will inject great impetus into the development of China's relations with the entire region," Sun said. "There is great potential for China and Mexico to expand economic and trade cooperation and expand converging interests."

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