Mexico, Portugal Present Coatzacoalcos-Sines Economic Corridor

To strengthen economic relations between Mexico and Portugal, both countries announced plans to create a maritime corridor between the ports of Coatzacoalcos in the Gulf of Mexico and the port of Sines in Portugal, aiming to boost economic growth and bilateral relations.

Since 2000, Mexico has held a free trade agreement with the European Union (TLCUEM), which includes Portugal. According to data from the Mexican Ministry of Foreign Affairs (SRE), Mexico is Portugal's second-largest trading partner in Latin America after Brazil. The Ministry of Economy reports that from January-June 2023, foreign direct investment (FDI) from Portugal to Mexico amounted to US$589,000.

Plans to build the corridor were disclosed in September during a meeting between President Andrés Manuel López Obrador and Prime Minister António Costa. The meeting highlighted investments and the need for dynamic economic exchanges given the significant potential for trade between Mexico and Portugal. Likewise, they acknowledged the role of Portuguese companies in projects of significant interest proposed by the Mexican administration. They also exchanged views on promoting cooperation initiatives in ports and energy.

Representatives from both countries presented the project on Oct. 25 at the Global Gateway Initiative Forum in Brussels, Belgium. They emphasized that the Coatzacoalcos-Sines maritime corridor aligns with the Global Gateway lines, aiming to promote sustainable transport routes between the European Union and its global partners, diversify energy supply, and invest in climate mitigation and cleaner energy.

The corridor is proposed as a privileged maritime route that will strengthen production chains between both countries. Similarly, it is set to contribute to the export, storage, and transshipment of energy, thus aiming to bolster the European Union's energy security.

The Coatzacoalcos-Sines maritime corridor is expected to be linked to the Interoceanic Corridor of the Isthmus of Tehuantepec (CIIT), connecting the port of Coatzacoalcos on the Atlantic coast with the port of Salina Cruz, Oaxaca, on the Pacific coast. This strategy aims to provide greater security and predictability for international trade.

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