The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will help create a more favourable environment for Vietnam and Mexico to bolster their economic, trade and investment ties, Vietnam’s Ambassador to Mexico Nguyen Hoai Duong said.

The ambassador made the remark at an Asia-Pacific forum on Mexico’s business opportunities in the Asia-Pacific region held in Mexico City on June 27. 

He said the second meeting of the Vietnam-Mexico Joint Committee on Trade and Investment, slated for July, will address technical barriers in bilateral trade ties. 

The ambassador highlighted that Vietnam has become a top destination for foreign investors thanks to its stable macro-economic policy, a young workforce with good skills, a high GDP growth at nearly 7 percent in the past years and a favourable environment for investors. 

At the forum, Undersecretary for Foreign Trade in Mexico's Secretariat of Economy Luz Maria de la Mora underlined the importance o the CPTPP in Mexico’s strategy on promoting free trade and diversifying export markets. 

Mora urged Mexican firms to make use of opportunities brought by the CPTPP to access new markets such as Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam. 

Mexico’s statistics show the country’s exports to CPTPP member economies have expanded at twice the rate of exports to the remaining part of the world during the past decade, reaching 3.26 billion USD in 2017.

The CPTPP groups Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, which together create a market of 500 million people and account for 13.5 percent of the world’s GDP.