During their first official meeting, the Mexican President, Enrique Peña Nieto, and the President of the Russian Federation, Vladimir Putin , talked about the great potential for the trade relations between their countries and the opportunity areas to increase Russian investment in Mexican territory.
On the sidelines of the BRICS Summit 2017 held in China – a summit which gathers emerging markets and developing countries – the two leaders agreed that the current trade between their nations – an approximate of 2 billion American Dollars per year – is far below of what can be achieved.
“ Mexico has implemented structural reforms, particularly in the energy sector where private investment is now allowed, and as a result of this the first Russian firm has already been awarded a contract to explore, and eventually extract [oil] from shallow waters,” said Peña Nieto.
During this first meeting, Vladimir Putin said the trade turnover between Mexico and Russia increased 38% during the first half of 2017, a stark contrast to the 7.5% increase of the previous year.
“Our trade relations are far below the great potential our countries have to increase trade and promote reciprocal investment,” added the Mexican President, while his Russian counterpart stated the enhancement of the Russian-Mexican Intergovernmental Commission should provide a “new impetus” for the economic relations between their nations.
Recalling the over 120 years of diplomatic relations between Russia and Mexico, Putin said the reason behind the good relationship between both nations are the "deep roots" they share, and Peña Nieto, in turn, declared that Mexico's relationship with Russia has developed on the basis of “respect and fraternity.”
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