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U.S. & Mexico Work to Build Economic Security

21 July, 2016

President Obama and Mexico’s President Enrique Peña Nieto met at the White House Friday to discuss the importance of U.S.-Mexico economic ties and to highlight the immense progress that has been made regarding cooperation between the two governments,reported Forbes.

“With the U.S. election approaching,it is more important than ever to preserve the unprecedented U.S.-Mexico collaboration that exists today.”

Every day,the lives of millions of citizens are touched by U.S.-Mexico relations – more than by any other two countries in the region. There are more than 30 million U.S. citizens of Mexican heritage and more than one million U.S.-born expats living in Mexico – a number that continues to rise annually as more and more savvy buyers take advantage of Mexico’s booming real estate and income-producing rental markets.

“The economic activity is deep,” wrote Forbes. “We trade a million dollars a minute. Mexico is the U.S.’ second biggest export market.”

In addition,trade with Mexico is estimated to support up to six million U.S. jobs annually including more than 55,000 U.S. companies,around 18,000 of which operate in Mexico,according to the Bureau of Economic Analysis. It’s also important to note that around 18,000 U.S. companies operate in Mexico.

“Cross border travel brings billions of additional income to local communities,” Forbes revealed. “Approximately a million people cross the border legally each day,and in 2015 more than 25 million Americans and 17 million Mexicans stayed at least one night in the other country.”

Finally,Forbes said most of the manufacturing jobs lost by the U.S. are due to competition from China,as well as new technology,not factors involving Mexico. Although some jobs have been moved to Mexico,many other have been created or saved by the growing trade and cross-border production chains between the two nations. 

“Progress is tracked; senior officials meet regularly; and the cabinet-level group convenes yearly to assess results and set goals,” wrote Forbes. “This cabinet-level dialogue addresses dozens of items from improving border infrastructure,processes and wait times and harmonizing approaches to energy regulation,to encouraging more educational and research exchanges,boosting innovation,better involving border regions and cooperating on environmental issues.” 

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