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Mexican senate ratifies CPTPP

Mexico's senate ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Tuesday, becoming the first signatory of the 11-nation pact to do so, with 73 votes in favor, 24 against and four abstentions.

According to a statement from the upper house, the senate also approved four parallel agreements negotiated in the framework of the CPTPP, which Mexico signed up to in March.

The CPTPP was created from the US exit from a proposed agreement in January 2017, with a non-US version of the pact signed just over a year later. The US recently signaled interestin joining the new trade bloc.

The senate announcement read, "This instrument will allow Mexico to have preferential conditions for access to new markets in the Asia-Pacific region, which represent around 200mn potential consumers."

The statement noted that under the agreement, by 2035 exports from Mexico to the other countries of the bloc are expected to grow by 3.12%, with exports to the world increasing 0.47%.

Source: BN Americas

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