The Israeli Manufacturers' Association last week signed a historic deal with its Mexican counterpart seeking to triple trade bilateral trade between the countries.
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The Strategic Cooperation Agreement seeks to see dealing between Jerusalem and Mexico City exceed $1 billion a year.
The memorandum was signed by President of the Israeli Manufacturers' Association Dr. Ron Tomer and Mexican counterpart Francisco Alberto Cervantes Diaz, as well as by the Israeli Ambassador to Mexico Zvi Tal and Mexican Ambassador to Israel Mauricio Asknero.
The ceremony was held via video conference over coronavirus-related travel restrictions by Mexico.
Trade between Israel and Mexico peaked in 2014, amounting to $600 million, but it has since diminished to $400 million.
Both sides hope that the MOU would result in future commercial cooperation that would enable Israeli business ties with Central America to flourish.
Israel plans to focus mainly on encouraging exports to the region in areas in which Israel is considered a world leader, such as cyber, homeland security, agricultural, water technologies, and more.
Israel and Mexico also plan to place an emphasis on information-sharing with respect to foreign trade, customs systems, currency exchange rates, legislation amendments and more.
Said exchange of information will take place through regular meetings, mutual delegations and business-to-business events.
In addition, the two sides will work together to promote research and development ventures and economic research projects, as well as identify opportunities for cooperation between countries.
"I hope that through joint efforts, we will turn the MOU signed between us into a starting point for a robust collaboration between Mexico and Israel," Tomer said.
"The last two years have seen world economy suffer over the coronavirus pandemic, and the recovery we are seeing in both countries is still very vulnerable.
"Therefore, it is more important than ever for us to strengthen our ties with global business partners such as the Mexican Manufacturers' Association, and through this also to support each other and increase business cooperation between our two communities," he concluded.
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