President Barack Obama, in Los Cabos Mexico for the G-20 summit, on Monday invited Mexico to join an expanding Asia-Pacific free trade pact.
The United States and the other eight member countries have invited Mexico to join Trans-Pacific Partnership (TPP) negotiations.
“We are part of that network of nations that are growing and dynamic, and for us now to be able to create a high standard trade agreement that further increases job opportunities, commercial opportunities, investment opportunities, I think will benefit citizens in both our countries,” President Obama told reporters at a joint press conference with Mexican President Felipe Calderon following their meeting.
Mexico, America’s second largest export market, had expressed interest in joining the TPP last November.
“This is a great piece of news for Mexicans because it implies jobs and economic growth for at least the next two decades,” President Calderon said.
The Obama administration and member countries have described the TPP as a 21st century free trade agreement, with a strong focus on intellectual property and worker rights, transparency, and environmental protection.
Negotiating members presently include the United States, Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, and Vietnam. Japan and Canada have also expressed an interest in joining.
The U.S. invitation will now go to Congress for a 90-day consultation period on “U.S. negotiating objectives,” according to a White House statement.
The next round of TPP negotiations is scheduled to take place July 2–10 in San Diego, Calif.
