Mexico is exploring opportunities to enhance bilateral trade with Russia, according to the Mexican ambassador to Russia, Eduardo Villegas Megias. In an interview with RIA Novosti on Saturday, the ambassador highlighted Mexico’s interest in increasing imports of Russian fertilizers, which are currently obtained through third-party countries.
Megias emphasized that the availability of fertilizers is vital for the development of agriculture in Mexico, and the government allocates significant funds for this purpose. Previously, the export of fertilizers from Russia was facilitated by intermediaries and private entrepreneurs. However, the Mexican government now intends to purchase large quantities of fertilizers directly from Russia with the support of Russian authorities. Additionally, Mexico is keen to import Russian steel to further bolster its manufacturing sector.
In terms of exports, Mexico aims to expand its tequila trade with Russia. Megias expressed his desire to increase tequila exports by 200-300%, as the spirit is already well-established in the Russian market. He stressed that while larger tequila producers primarily cater to other markets, such as the United States, Mexico aims to support smaller manufacturers and agave plantation owners in selling their products to Russia.
Moreover, Mexican officials are exploring other potential products that can boost Russo-Mexican trade. Megias mentioned ongoing discussions with Russian liquor producer Kristall regarding the supply of vanilla extract, which can be used in alcohol production. Mexico also plans to provide vanilla to Russian confectionery factories and negotiate the export of cocoa to Russia. These products, currently overlooked in trade between the two countries, hold significant potential for expanding mutual trade.
According to the Russian Federal Customs Service, bilateral trade between Russia and Mexico reached approximately $3.8 billion in 2022. Earlier this year, Russian President Vladimir Putin expressed his country’s willingness to further strengthen trade ties with Mexico and collaborate on joint projects in energy, pharmaceuticals, and agriculture.
The push to increase bilateral trade aligns with the wider goals of both nations to diversify their trade partners and strengthen economic ties. Mexico has been actively seeking to expand its markets beyond North America, particularly in emerging economies, while Russia has been looking to reduce its dependence on Western markets. By exploring new avenues for trade cooperation, Mexico and Russia aim to enhance their economic relationship and foster mutually beneficial outcomes.
In conclusion, Mexico is actively exploring avenues to boost bilateral trade with Russia. The country is interested in increasing imports of Russian fertilizers and steel to support its agricultural and manufacturing sectors, respectively. Additionally, Mexico aims to expand its tequila exports to Russia, with plans to support smaller producers and agave plantation owners. The two nations are also considering the export of vanilla extract and cocoa to boost mutual trade. With a focus on diversifying trade partnerships, Mexico and Russia seek to strengthen their economic ties and encourage sustainable growth.
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