Mary Lynn Cesar, Kapitall: Joe Biden wants "more people, goods and information…” from Mexico. Do these rallying stocks qualify?
Last week, Vice President Joe Biden went to Mexico to meet with President Enrique Peña Nieto and launch the inaugural US-Mexico High Level Economic Dialogue (HLED). First announced in May 2013, the annual cabinet-level exchange aims to “advance strategic economic and commercial priorities central to promoting mutual economic growth, job creation, and global competitiveness.”
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Annual trade between the US and Mexico currently amounts to $500 billion, or over $1.25 billion a day. Vice President Biden spoke about the countries’ economic partnership during his visit, stating that the controversial North American Free Trade Agreement (NAFTA) led to the quadrupling of two-way trade between the two nations. HLED plans to build upon that relationship through targeted work under three pillars:
- partnering for regional and global leadership
- promoting competitiveness and connectivity
- fostering economic growth, productivity, entrepreneurship, and innovation.
- In May the growth outlook was revised to 3.1% from 3.5% following weak growth and low exports in Q1.
- Then it was lowered to 1.8% in August after the economy shrank by 0.74% in Q2.
- This was the country’s first contraction in four years.