19 Jun 2012

Mexico joins TPP negotiations

1:50 pm on 19 June 2012

Mexico is to join the Trans-Pacific Partnership trade talks in a move described by New Zealand's Trade Minister Tim Groser as a shot in the arm for the process.

Mexico has been invited to join the nine other nations already in negotiation for a trade deal.

Mr Groser says the vision for the TPP has always been to create a high quality, comprehensive, 21st century trade agreement which over time will act as a platform for wider Asia-Pacific trade liberalisation and economic integration.

He says the addition of Mexico is another step closer to that goal.

The New Zealand United States Council also says Mexico's addition to Trans-Pacific Partnership negotiations will help achieve a free trade area of Asia and the Pacific.

Council executive director Stephen Jacobi says Mexico is a steadily growing market for New Zealand's products, with enormous potential for exporters.

He says its addition to trade talks is good news for businesses, which need to operate more effectively and seamlessly in the region.

Mexico is New Zealand's largest goods trading partner in Latin America and 27th largest trading partner overall.

The TPP talks involve Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, United States and Vietnam and now Mexico.

Together, TPP nations account for more than a quarter of world economic output.