With trade talks intensifying among Pacific and Latin American economies, Minnesota business leaders engaged in a panel discussion about the Trans-Pacific Partnership (TPP) with Mexico’s Ambassador to the US, Eduardo Medina-Mora, at Cargill’s Minneapolis headquarters.
Medina-Mora was part of the panel with Donaldson Company CEO Bill Cook and Cargill Vice Chairman Paul Conway before an audience of Cargill employees, local officials and business representatives.
TPP is comprised of 12 nations making up 40% of the global economy. If passed, it would be the largest free trade agreement in the world. Ambassador Medina-Mora shared his views on the importance of TPP and free trade, highlighting how multi-lateral agreements play a pivotal role in stimulating economic growth among economies.
“If we are to take North American economic integration and competitiveness to the next level, we need to have much stronger and proactive engagement between the public and private sector, and to truly think and act regionally,” Medina-Mora said.
Particularly for the US and Mexico, the TPP is seen as a chance to bolster economic opportunity and to improve upon the North American Free Trade Agreement (NAFTA). It is expected to lead growth in the agricultural sector and with it, employment. The TPP could also simplify trade in the region, unravelling the complexities of each country’s standards and regulations, while setting in place a higher standard of trade and investment provisions and protocols.
“Cargill has long been an advocate for liberalized and open trade, which aligns well with the goals of the Mexican government,” said Paul Conway, Cargill Vice Chairman. “We agree that the Trans-Pacific Partnership is a key trade deal that will serve as an important vehicle to address the region’s key food security challenges, unlock the true economic potential of the Asia-Pacific region, and set the twelve negotiating economies on a clear path towards greater economic growth and job creation.”
Cargill’s trade ties to Mexico date back more than 40 years. The company has a significant presence in Mexico City, and is invested in many businesses in the country, including animal nutrition, food texturising solutions, corn milling, sugar, and grains and oilseeds.