A billion dollar trade relationship between Mexico and Hong Kong

Currently, Mexico and Hong Kong have an annual trade of 1 billion dollars, in Mexico’s positive trade balance of 600 million dollars, undoubtedly trade has grown year by year, and with greater potential.

The trade exchange in which electronic parts and components, machinery, electric vehicles, plastics, meat, fisheries, copper, optical equipment, pearls, among others stand out, Amapola Grijalva, representative of the Hong Kong Trade Council in Mexico, said in an interview. .

This Mexican executive who has worked on China issues for 40 years, at the Chinese Chamber of Commerce from 2008 to 2009, and with 38 years with her consulting firm, said that this bilateral trade happens because there are two systems in only one country; On the one hand, there is the China we all know, and on the other hand, there is Hong Kong, which has its own legal system, its own currency, its own tax system, and where its business operations are duty-free. on its imports.

“The above allows business to be set up to and from China from anywhere in the world, at this level of relative independence.” In fact, Hong Kong is a staging area for doing business in China and Asia, from exhibitions to events in general, with a clear focus on intellectual property issues,” the interviewee specifies.

It must be remembered that Hong Kong was a colony of England for 99 years of occupation, and in 1997 that period ended. Since then, Hong Kong has its own identity; What was negotiated at the time with the Prime Minister of the United Kingdom, Margaret Thatcher.

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The policy of the “Great Gulf” initiative is understood from the integration of 9 cities, which will be a distinct area for the development of new technologies; He said it could become the new “Silicon Valley”.

For many years, Hong Kong was a huge port for trade, and today it is the largest in handling products; The region with which Mexico has had a trading relationship for several decades.

Notwithstanding the above, Mexico and Hong Kong will not be able to obtain a trade agreement, as it was agreed in the recent T-MEC negotiations between Mexico, the United States and Canada that neither of them could obtain a trade agreement. With Hong Kong, or otherwise, it will be excluded from T-MEC, as confirmed by Amapola Grijalva.

“In fact, officials from North American countries at T-MEC agreed that there would be no preferential tariff relationship with China, although if possible, there would be open and smooth trade.”

And at least, in the last 4 and 5 years, this trade relationship between Mexico and Hong Kong has been strong and rising, which currently amounts to $1 billion annually, in a trade balance favorable to Mexico of $600 million. dollar.

Although Mexico has received $35 billion in foreign direct investment, $1,500 million of it has come from Hong Kong and China in recent years, the product of more than 200 Chinese and Hong Kong companies operating in Mexico. Mexico Trade Representative, Amapola Grijalva.

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