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Obama Calls for Deeper Economic Ties,Praises Mexico’s Democracy

10 May, 2013

U.S. President Barack Obama met with Mexican President Enrique Peña Nieto last week,calling for broader economic relations between the two countries,while praising Mexico’s efforts to expand its economy and its democratic system.

“I have come to Mexico because it is time to put old mindsets aside,” stated Obama according to an article published by USA Today. “It’s time to recognize new realities,including the impressive progress in today’s Mexico.”

The leaders hope this growing relationship will improve communication and cooperation between the two nations,which will ultimately build a stronger economy for all of North America. Obama’s three-day trip to Mexico was his fourth visit as president and the first since Peña Nieto took office last December. Annual bilateral trade between the U.S. and Mexico is already close to half a trillion dollars,so it’s no surprise that the economy was the most pressing item on the leaders’ agenda.

“Underpinning our successful United States-Mexico economic relationship are trade and investment inflows that support jobs in both countries,” the leaders said in a joint statement according to The Wall Street Journal.

Mexico’s efforts to create a more efficient legal system,combined with steady economic growth and job creation,has helped the nation join the ranks of the world’s largest economies in recent years. In addition,booming trade with the U.S.,along with Mexico’s ability to provide foreign companies with skilled,young,cheap labor,leaves plenty of room for farther economic integration between the two nations.

Finally,it’s also important to note that Mexican companies have been investing heavily in the U.S. lately. For example,Cemex is the largest cement maker in the U.S.,while Mexico’s Grupo Bimbo recently acquired Sara Lee for nearly $1 billion and Mexican broadcaster Televisa is a partial owner of Univision,which is the fifth largest network in the U.S.