Australia and Mexico have reached a historic agreement on free trade. This agreement is expected to boost trade between the two countries by reducing trade barriers and increasing investment opportunities. This article will provide an overview of the free trade agreement between Australia and Mexico, the benefits it will bring, and the industries that stand to gain the most.
The free trade agreement between Australia and Mexico was signed on February 9, 2021. The agreement will eliminate tariffs on 99% of Australian goods exported to Mexico, and 100% of Mexican goods exported to Australia over time. This agreement will provide a boost to both countries` economies, as well as strengthen the relationship between them.
The free trade agreement between Australia and Mexico will benefit both countries in several ways. For Australia, it will provide access to Mexico`s large consumer market, which is the second-largest in Latin America. It will also create opportunities for Australian businesses to invest in Mexico, particularly in the mining, agriculture, and energy sectors.
For Mexico, the agreement will provide access to Australia`s advanced technology and expertise in various industries. It will also create opportunities for Mexican businesses to export their goods to Australia, particularly in the automotive, electronics, and manufacturing sectors.
Industries that will benefit:
Several industries are expected to benefit from the free trade agreement between Australia and Mexico. Here are some of the key industries that stand to gain the most:
1. Mining: Australia is one of the world`s largest producers of minerals, such as coal, iron ore, and gold. This agreement will create opportunities for Australian mining companies to invest in Mexico`s vast mineral reserves, such as silver, zinc, and copper.
2. Agriculture: Australia is one of the world`s largest exporters of agricultural products, such as wheat, beef, and dairy. This agreement will provide Australian farmers with access to Mexico`s large consumer market, which is a significant opportunity for growth.
3. Manufacturing: Mexico is one of the world`s leading manufacturers of automobiles, electronics, and machinery. This agreement will create opportunities for Mexican manufacturers to export their products to Australia, which is a highly developed and advanced market.
The free trade agreement between Australia and Mexico is a significant development that will provide a boost to both countries` economies. By eliminating tariffs and reducing trade barriers, this agreement will create opportunities for growth and investment in various industries. The industries that will benefit the most include mining, agriculture, and manufacturing. This agreement represents a bright future for the trade relationship between Australia and Mexico.