Japan-Mexico Relations

January 4, 2023
Foreign Minister Hayashi and H.E.Ms. Raquel Buenrostro, Secretary of Economy of the United Mexican States
Meeting with H.E.Ms. Raquel Buenrostro, Secretary of Economy of the United Mexican States

On January 4, commencing at 5:00 p.m. (local time; on January 5, 8:00 a.m. JST) for approximately 1 hour and 15 minutes, Mr. HAYASHI Yoshimasa, Minister for Foreign Affairs of Japan, who is visiting the United Mexican States, held a meeting with H.E. Ms. Raquel BUENROSTRO, Secretary of Economy of the United Mexican States. The overview of the meeting is as follows.

  1. At the outset, Minister Hayashi congratulated Secretary Buenrostro on her appointment as Secretary of Economy, and emphasized that the economic relations between Japan and Mexico have expanded dramatically in recent years, and that the two countries are working together to build a free and fair economic order. Minister Hayashi also stated that he would like to further strengthen cooperation in the economic field. Secretary Buenrostro welcomed Minister Hayashi's visit to Mexico and expressed her desire to strengthen economic relations between the two countries.
  2. The two ministers welcomed the significant increase in trade volume between the two countries and in the number of Japanese companies operating in Mexico, which has doubled and quadrupled respectively, since the Japan-Mexico Economic Partnership Agreement (EPA) came into effect in 2005. They also exchanged views on economic opportunities arising from the recent shifts in the international arena as well as the initiatives for further economic growth of Japan and Mexico.
  3. Minister Hayashi expressed his hope that the cooperation between the business communities of the two countries will be re-energized in the era of post COVID-19 through the 32nd Japan-Mexico Business Council Meeting and the resumption of direct flights by Aeromexico. Secretary Buenrostro concurred in this regard, and expressed expectations for further expansion of Japanese investment.
  4. Minister Hayashi, while noting the importance of legal stability and predictability for investment from a medium-to long-term perspective, expressed his expectations for ensuring legal stability, particularly in the energy sector. In response, Secretary Buenrostro explained the reform initiatives and other related issues in the energy sector, including the use of renewable energy, led by the Mexican government, and stated that she would continue to work to improve the business environment.
  5. The two ministers exchanged views on the CPTPP (Comprehensive and Progressive Agreement on Trans-Pacific Partnership) and concurred to closely work together to maintain the high standards of the agreement. In regard to the framework of the Pacific Alliance, they recognized the results of Mexico's efforts as Pro Tempore President, and confirmed that they would continue to promote cooperation in areas of mutual interest for both public and private sectors as partners for mutual growth.

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