Strong trade link between Britain and Mexico likely to boost up textile industry of Yorkshire, as, trade between the UK and Mexico is enjoying double-digit growth, with bilateral trade in 2013 totaling £3.3bn, an increase of 15 percent on the year before, according to UK Trade & Investment.
Mexico is the UK’s fourth largest market for goods exports, and the UK is Mexico’s fifth largest inward investor. Mexico is the UK’s second largest trading partner in Latin America.
A host of major British brands hope to cash in on ties that are due to be established by a state visit to the UK from the Mexican president, Enrique Pena Nieto, this week.
In 2013, Hackett London revealed that it was sourcing textiles from Yorkshire for a new fundraising product range for The Prince’s Trust. The Prince of Wales collection features a new version of the iconic grey and blue check cloth in a range of garments and accessories. The collection uses cloth sourced from mills such as Fox Brothers, Lovat and Bradford-based William Halstead.
Business Secretary Vince Cable said that Mexico is an important growth market for their exports and British firms can also use Mexico as a base for wider operations throughout Latin America.
British exports to Mexico are expected to receive a further boost from the memorandum of understanding (MOU) signed between UK Export Finance and PEMEX, Mexico’s state-run fuel conglomerate to secure a line of credit of up to $1bn. This finance is intended to be used by PEMEX and its subsidiaries to buy services from UK exporters, including SMEs.
Alongside the commercial announcements, the Government has also confirmed that a Mutual Recognition of Qualifications Treaty between the UK and Mexico will be signed to support higher education collaboration and create opportunities for research and innovation.
A programme is being staged throughout the year to celebrate the best of the arts and creative industries in both countries. These include the English National Ballet performing at the Palacio de Bellas Artes, and the London Philharmonic Orchestra performing in Mexico under the direction of Mexican conductor Alondra de la Parra.
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