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Australia-Mexico commission on trade and investment

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June 3,1997


A delegation from Mexico headed by the Minister for Trade and Industrial Development, Dr Herminio Blanco Mendoza, and an Australian trade delegation headed by the Deputy Prime Minister and Minister for Trade, the Hon Tim Fischer MP, met in Mexico City on June 3, 1997, for the third meeting of the Australia-Mexico Commission on Trade and Investment.

With respect to multilateral issues, both countries

• reaffirmed their strong support for APEC and undertook to work closely with Canada in its capacity as APEC chair for 1997 to ensure further progress was made toward economic integration in the Asia Pacific region;

• agreed on the primacy of the WTO and on the importance of APEC’s complementary trade liberalisation effort and on the need for devising ways to develop more ambitious Individual Action Plans (IAPs), and agreed to table improved IAPs at the APEC Leaders’ meeting in November;

• welcomed the endorsement by APEC Trade Ministers of the sectoral approach to trade liberalisation as another means of advancing APEC’s goals and welcomed their recognition that the sectoral approach could also provide a foundation for trade liberalisation beyond the Asia Pacific, including in the framework of the WTO;

• expressed their support for the commencement by the turn of the century of a new round of global negotiations; and

• underscored the importance of APEC’s work programs in the areas of trade facilitation and economic cooperation in reducing exporters’ costs and stimulating trade and investment.

With respect to bilateral trade and investment issues, both countries

• highlighted the economic complementarities between Australia and Mexico and the potential for increased growth in bilateral trade and investment. In this respect, the strategic alliance established between Australia’s wool industry and Mexico’s wool textiles sector was an outstanding example of the benefits of cooperation which delivered

mutual benefits and strengthened the overall commercial relationship between the two countries. Both countries agreed to examine practical ways of ensuring that the wool pipeline would continue to expand;

• Australia noted its interest in assisting Mexico in its economic recovery through the competitive supply of essential goods, services, expertise and investment to Mexico, particularly in sectors such as agriculture, mining, and energy; Q r · * ” ............ ' " Γ “ Η

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• agreed on the importance of concluding expeditiously the ongoing negotiations on a Double Taxation Agreement, recognising that such an agreement would further develop the bilateral commercial relationship;

• expressed satisfaction with the successful shipments of livestock from Australia and the important contribution such exports were making to rebuilding Mexico’s cattle and sheep industries; ?_

• agreed on the importance of the early conclusion of a protocol for the importation of cattle coming from Australia;

• discussed Australia’s long-standing request for improved access to the Mexican beef market, and welcomed the dialogue between their beef industries, and agreed that the outcome of such dialogue is a valuable input in the solution of Australia’s request;

• agreed to work closely together over the coming months to identify opportunities in specific sectors where there may be possibilities for enhanced commercial collaboration, for example in automotive components; and

• agreed to set a goal of substantially increasing trade by the turn of the century.

Mexico City, June 3,1997

Parliament House, Canberra, ACT 2600 Tel (06) 277 7420 Fax (06) 273 4128