Mexico, U.S. to Discuss Trade Slowdown
Mexican Finance Minister Francisco Gil Diaz said he will meet with U.S. trade officials this week to discuss ways to speed up imports from Mexico after increased border security slowed trade between the two nations.
Gil Diaz said that after the weekend meeting of the Group of 20 nations in Ottawa, he will go to Washington to discuss the effect the Sept. 11 terrorist attacks have had on exports.
Mexico’s economy shrank 1.6% in the third quarter from a year ago, the first contraction in five years.
The drop was mainly a result of weaker demand in the U.S., the country’s largest trade partner.
Exports account for about a third of Mexico’s $600-billion economy. With almost 90% of shipments destined for the U.S., “slow growth, delays and higher costs are taking a toll on the Mexican economy,” Gil Diaz said.
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