MEXICO : The Mexican Secretariat of the Economy (SE) has signed a Memorandum of Understand with the World Logistics Passport (WLP), establishing the SE as a co-ordinating partner in the country which became a WLP Hub earlier this year.
Mexico is one of the largest economies in Latin America, and 15th globally in terms of GDP. In 2019 its total product exports were $480bn, and as a major exporter of IT equipment, as well as auto parts and accessories, it has a well-established industrial base.
By deepening its partnership with the WLP network, Mexico has the opportunity to diversify its international trade profile with other countries and regions and create opportunities for Mexican companies to expand their supplier and customer base.
Mike Bhaskaran, CEO of the WLP, said: “Mexico is of strategic importance to the success of the World Logistics Passport in the Americas, and we look forward to working with the SE to foster further partner registrations such as ports, airports, customs, and other key logistics actors.”
Traders and freight forwarders that are members of the WLP can expect to have an annual increase in trade on average of up to 5-10%. As Mexican traders benefit from more effective and efficient cargo trade, this will open up new trade routes and offer access to new markets, particularly in Asia, Africa and the Middle East.
The Mexican Secretariat of the Economy, whose signature is on the Memorandum of Understanding, will act as the coordinating partner in the country. The role of the SE is to remove barriers to create a more fluid business environment for local traders. Members of the WLP in Mexico can expect cost and time efficiencies, opening the door for additional economic opportunities facilitated by faster trade.
Mexico’s status as a WLP Hub is strengthened followed the signing of an MoU between CONCAMIN and the WLP earlier this year. CONCAMIN is a key coordinating partner between public and private sector, especially Mexican export industry, and supporting in strengthening Mexico’s international trade.
H.E. Tatiana Clouthier, Secretary of Economy of Mexico, said: “We are pleased for signing this MoU with Dubai Logistics World which is the start point for working together on an efficient trade facilitation platform to enhance our performance for the sake of moving forward and building a future in benefit of our people. The WLP presents Mexican businesses with the opportunity to diversify its trading partner increasing both imports and critically, exports to countries in the region and further afield. Expanding our horizons to Asia and Africa and the Middle East is a vital part of the formula to the country’s economic development.”
H.E Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, said: “DP World is proud to be part of this private-sector led initiative to boost trade around the world. Mexico is already a major route for our organisation and other Dubai-based partners. We welcome the SE in our collective efforts to make trade quicker, easier and more cost-effective.