What are the trade agreements in Mexico?

What are the trade agreements in Mexico?

Four of Mexico’s most significant trade agreements include the United States-Mexico-Canada Free Trade Agreement (USMCA), The Trans-Pacific Partnership (TPP), The Mexico-EU Free Trade Agreement, and the Pacific Alliance, which is an agreement between Chile, Colombia, Peru, and Mexico.

What is the trade relationship between the US and Mexico?

Mexico is currently our largest goods trading partner with $614.5 billion in total (two way) goods trade during 2019. Goods exports totaled $256.6 billion; goods imports totaled $358.0 billion. The U.S. goods trade deficit with Mexico was $101.4 billion in 2019.

What are 3 things the US and Mexico trade with each other?

In 2020, Mexico was the second-largest supplier of foreign crude oil to the United States, as well as the largest export market for U.S. refined petroleum products and U.S. natural gas. Other top U.S. exports to Mexico include machinery, electrical machinery, vehicles, mineral fuels, and plastics.

What was the trade agreement with Mexico in the 1990s called?

NAFTA was a landmark trade deal between Canada, Mexico, and the United States that took effect in 1994.

Why do the United States and Mexico have a strong trade relationship?

Introduction. The U.S.-Mexico bilateral economic relationship is of key interest to the United States because of Mexico’s proximity, the extensive cultural and economic ties between the two countries, and the strong economic relationship with Mexico under the North American Free Trade Agreement (NAFTA).

What does the U.S. import from Mexico?

The largest categories of imported goods from Mexico are vehicles, electrical machinery, machinery, agricultural products, mineral fuels, and optical and medical equipment.

What effect did the North American Free Trade Agreement have on Mexico?

NAFTA eliminated import tariffs across industries, from agriculture to textiles to automobiles. Almost 70% of U.S. imports from Mexico and 50% of US exports to Mexico immediately received duty-free treatment under the deal with all imports and exports transactions free of levies over the next 15 years.