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Singapore and Mexico to Enhance Economic Cooperation

Written by: Bridgewest

Singapore-and-Mexico-to-enhance-cooperationTrading relations between Singapore and Mexico doubled over the last 10 years, according to the city-state’s Minister for Trade and Industry and companies operating here can now find new investment opportunities in Mexico. These new possibilities will be emphasized by the recently Trans-Pacific Partnership (TPP) signed by the two countries. Our lawyers in Singapore can offer detailed information on the TPP.

Investment opportunities for Singapore companies in Mexico

According to the Minister of Trade, the number of Singapore companies operating in Mexico has increased a lot during the last few years, as both small and large businesses have encountered favorable conditions to operate in industries like oil and gas, infrastructure, hospitality and even manufacturing. This is also the main reason the two countries have organized a forum which was meant to act as a networking platform between Singapore and Mexican companies.

Singapore is currently Mexico’s second-largest exporting partner in Latin America, which is why the two states have also signed two memoranda of understating (MoUs) in order to promote investments for both Mexican and Singapore companies in the other country. While the first MoU was a renewal between the Singapore Business Forum and the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE), the second one was signed by International Enterprise Singapore and ProMexico. The second MoU is the first agreement signed at governmental level between the two states.

Singapore, part of the Trans-Pacific Partnership

The recently signed Trans-Pacific Partnership has gathered 10 countries, among which Singapore and Mexico. The TPP was the first trade agreement to be signed by Singapore and Mexico, as both countries are considered regional hubs for their regions. The similarities between the two states don’t stop here, as both countries are important players in the exporting clusters in the Middle East, respectively Latin America.

Even if the convention was signed, it still remains to be ratified by the 10 countries participating to the partnership; 10 states that together represent 40% of the global economy.

For more information on economic relations between city-state and Mexico, including their double taxation agreement, please contact our Singapore lawyers.