Mexico joins Asian initiative to streamline trade and manufacturing

Mexico is one of the most important economies in LATAM and its number 15 worldwide in terms of its Gross Domestic Product.

In 2019 alone, the amount for exports reached more than 480 billion dollars, in addition to being a major exporter of Information Technology (IT) equipment, automotive manufacturing, with a well-established industrial and manufacturing base.

In this sense, the Mexican Ministry of Economy (SE) announced the signing of a memorandum of understanding with the World Logistics Passport (WLP), to establish the agency as a coordinating partner in the country.

By being part of the WLP network, Mexico will be able to diversify its international trade profile with other countries and regions, and create opportunities for Mexican companies to expand their supplier and customer base.

Among the advantages of WLP membership, traders and shippers will see an annual increase in trade of up to 10% on average, as Mexican traders benefit from more effective and efficient freight trade, which could open up new trade routes and provide access to markets in Asia, Africa and the Middle East.

The role of the Ministry of Economy will be to remove barriers for local traders, and WLP members in Mexico can expect cost and time efficiencies.

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