Mexico, ASEAN Foster Economic Ties at Southeast Asian Trade Forum

The Mexican Business Council for Foreign Trade, Investment and Technology (COMCE) and the Association of Southeast Asian Nations (ASEAN) met in Mexico City to warmly invite entrepreneurs to participate in the Southeast Asian Trade and Investment Forum on June 22. The event offered a unique opportunity to connect with Southeast Asian Ambassadors in Mexico and explore collaboration possibilities in this rapidly growing region. 

The forum discussed foreign trade, investment opportunities, trade agreements and economic trends in Southeast Asia. Mexico aims to support and guide entrepreneurs from Malaysia, Vietnam, Thailand, the Philippines, Singapore and Indonesia, encouraging them to invest and establish manufacturing, electrical, electronics and goods and services industries. Mexico's trade relations with Southeast Asia have been steadily growing, with exports to the region surpassing US$2.631 billion in 2022. 

Lilybeth Deapera, President of the Association of Southeast Asian Nations (ASEAN), highlighted the importance of the economic forum in fostering a fruitful and productive financial relationship between ASEAN and Mexico. ASEAN presents significant market potential with a population of 600 million and a GDP of US$4 trillion. 

Mexico recorded a trade deficit of US$39.76 billion with ASEAN in 2022, primarily due to import inputs, parts and components for final goods production. However, this trade dynamic also opens opportunities for collaboration, particularly in the electrical and electronic component sectors. Muzafar Shah Bin Mustafa, Malaysian Ambassador to Mexico, encouraged entrepreneurs to diversify and leverage the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) benefits. Nguyen Hoanh Nam, Vietnamese Ambassador to Mexico, highlighted the importance of participating in Foreign Direct Investment (FDI) opportunities in Vietnam. 

A well-trained workforce, abundant natural resources, rapid urbanization and significant infrastructure investment have propelled growth in Southeast Asia. Positioned at the crossroads of major trade routes, the ASEAN region handles US$5.3 trillion in global trade annually. The Southeast Asian Trade and Investment Forum is a platform for Mexican businesses to explore economic opportunities in the ASEAN region. Mexico and ASEAN aim to contribute to sustained economic growth and development by fostering mutually beneficial partnerships. 

The forum significantly strengthened economic ties between Mexico and ASEAN. As Mexico diversifies its markets and taps into emerging opportunities, collaboration with Southeast Asian nations offers promising prospects for both regions.