July 19, 2010
Israel and Mexico marked last week the tenth anniversary of the signing of their free trade area agreement. Minister of Economy of Mexico, Mr. Gerardo Ruiz Mateos, headed a delegation of senior officials joined by business executives, visited Israel for theoccasion. Mateos met Israeli Industry, Trade and Labor Minister Benjamin Ben Eliezer.
On Monday last Mateos was the guest of honor at a seminar on trade relations with Mexico, organized by the Embassy of Mexico, headed by Ambassador Federico Salas, and the Chamber of Commerce Israel-Latin America.Mr. Ismael Ortiz Fernandez, a member of the Mexican delegation, Economic Counselor to the Mexican Mission to the World Trade Organization (WTO), made a presentation of the advantages that give both the free trade Treaty and the amendment of March this year which allowed goods originating in Israel or Mexico to undergo minimal processing or storage in a third country.
The new amendment was a breakthrough in the bilateral agreement. It was aimed at solving a problem faced by many companies that want to transit products made in either Israel or Mexico through a third country, such as the US or the EU. This commonly happens due to the distance between Israel and Mexico.
According to data released by the Central Bureau of Statistics. Exports to Mexico mainly related to communications, agricultural inputs, medical equipment and plastics. Imports from Mexico mainly related to machinery and electronic components. During the first quarter of 2010 bilateral trade was US$130.6 million, representing an increase of 5.5% compared to the corresponding period last year. Israel exports amounted to US$75 million, up 11.6% and imports was US$55.6 million, down 2%.
