Israel and Mexico are hoping to triple the volume of their bilateral trade with an updated agreement to expand cooperation, The Times of Israel reported on Monday.
Commercial ties between the two countries have been growing steadily in recent years. In 2015, two-way trade reached $700 million, a 300 percent increase over since they signed a trade agreement in 2000.
“This is a very timely moment for the relationship between Mexico and Israel, which is expressed at political, economic and cultural levels,” the ambassador, Jonathan Peled, told El Universal newspaper Thursday, citing President Enrique Pena Nieto’s scheduled visit to Israel in 2017 to boost technological cooperation.
The trade agreement will be updated as of 2017 to cover other areas such as investment and services. Israel is Mexico’s biggest trading partner in the Middle East and 42nd globally.
Mexico’s exports to Israel include cement, agriculture and mining products. Israel has been investing in Mexico in pharmaceuticals, agriculture, water technology, renewable energy, public security and technology.
A Mexican “ProMexico” trade office is expected to open soon in Israel. About 200 Israeli companies have offices in Mexico and more are expected, according to Peled.