Mexico-UAE bilateral trade grows 38% in 5 years

By Dumont

Mexico-UAE bilateral trade has witnessed an approximate 38 percent upsurge in the past five years (2016-2020), a senior Mexican official told the Emirates News Agency (WAM), adding that Mexico wants to be a strategic partner for the UAE in agri-food sector.

"The bilateral trade between 2016 and 2020 registered an average annual growth rate of 6.7 percent, from US$511 million in 2016 to US$705.1 million [37.9 percent increase] in 2020," said Martha Delgado, Mexican Vice Minister for Multilateral Affairs and Human Rights, who was on an official visit to the UAE recently.

The bilateral relations between Mexico and the UAE have experienced significant development in the political, economic and commercial sectors. 

Mexico and the UAE have a long history of collaboration, and along the years, bilateral legal framework has been enriched by several agreements and memorandums of understanding (MoUs). The agreements for promotion and protection of investments, the cooperation between the Mexican National Bank and the Emirates Development Bank, the cooperation between the Mexican Bank of Foreign Trade and the Dubai Economic Council, Air Services Agreement, an agreement to Avoid Double Taxation and Prevent Tax Evasion, as well as an MoU in energy and financial matters. The proposed opening of a trade office in Mexico City of the Dubai Chamber of Commerce and Industry would also strengthen bilateral economic and commercial ties.

Recently, Mexican agricultural goods have been entering the UAE market smoothly, such as berries, chickpeas, beef, tomatoes, avocados, fresh asparagus, among others, and negotiations are underway to export other agricultural products to the UAE.