Building a strategic, forward-looking bilateral relationship
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Both Mexico and the UK are major economic powers on the world stage, and key geopolitical actors. This summit seeks to understand the situations of both countries, and identify opportunities for their future relationship. Amid the shifting global landscape Mexico and the United Kingdom —with over 200 years of diplomatic relations and shared membership in the G20, the United Nations, and the OECD—are poised to strengthen their partnership to drive sustainable development and build forward-looking economies.
This partnership offers significant economic opportunities. Mexico, the world’s twelfth-largest economy and a key emerging market, and the United Kingdom, the world’s sixth-largest economy and a global financial services hub, are vital players in the world economy. Both countries maintain a significant relationship with the US. Due to its geo-strategic location, Mexico has become an attractive destination for foreign investment, offering a gateway to both the Atlantic and Pacific Oceans, alongside proximity and preferential access to the US market through the USMCA, and a growing domestic market of over 120 million. As Mexico’s sixteenth-largest trading partner and eighth-largest source of foreign direct investment (FDI), the UK plays an important role in supporting Mexico’s growing economy.
The UK-Mexico Trade Continuity Agreement, which came into force in June 2021, has provided a solid foundation for expanding bilateral trade. More recently, the UK’s accession to the CPTPP and the possibility of an enhanced UK-Mexico Free Trade Agreement are set to bolster trade in traditional sectors, including automotives, pharmaceuticals, and food and beverages, while unlocking new opportunities in the digital and green economies. This strengthened partnership will help British and Mexican businesses seize market opportunities while advancing world-leading trade frameworks.
In addition, Mexico and the UK offer significant potential for collaboration in sustainable development. Mexico made history as the first country in the Americas to issue a sustainability-linked sovereign bond, listed on the London Stock Exchange and maturing in 2027, setting a precedent for UK-Mexico collaboration in green finance. With new governments ambitious renewable energy targets have been set: President Claudia Sheinbaum pledges for renewables to constitute 45% of Mexico’s energy mix by 2030, UK Prime Minister Keir Starmer, plans to double onshore wind, quadruple offshore wind, and triple solar power capacity by the end of the decade. These shared objectives in renewable energy, coupled with strong green finance leadership, make the UK and Mexico strategic partners in advancing global sustainable development.
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