Mexico and Turkey agreed to work towards a bilateral free trade agreement, according to Mexico’s Finance Ministry, a media report said on Saturday.
The move is in accordance with Mexico’s push to diversify its export markets as the US, its biggest trade partner, assumes a more hostile and protectionist stance under President Donald Trump, Xinhua news agency reported.
Mexican Foreign Minister Luis Videgaray met with his visiting Turkish counterpart Mevlut Cavusoglu to review bilateral ties and install a High-Level Binational Commission to follow up on pledges to bolster cooperation.
Both countries share a special interest “to continue talks to forge a free-trade agreement between Mexico and Turkey”, said Videgaray following the meeting on Friday.
“Today more than ever, Mexico is open to the world, and Mexico wants to strengthen trade and investment ties with all countries we have friendship with, regardless of our geographical distance,” Videgaray added.
Two-way trade between Mexico and Turkey amounted to $884.4 million in 2015.
The two officials also agreed to cooperate within the framework of the G20 and MIKTA, a political and trade forum comprising Mexico, Indonesia, South Korea, Turkey and Australia, to promote free trade, combat climate change and build a more solid international financial system.
Cavusoglu’s visit also marked the opening of a branch office of the Turkish International Cooperation and Development Agency in Mexico, the first of its kind in Latin America.