US DOC official hails energy reform
Trade undersecretary says changes are revolutionary
THE NEWS
The Mexican energy reform is revolutionary, said the U.S. Department of Commerce.
“Commercial trade relations with Latin America and the Caribbean are very important to the United States,” said U.S. Undersecretary of Commerce Stefan Selig during the Trade Américas and ConnectAmericas Expo.
“We applaud this revolutionary energy reform that ended the over 70 year state monopoly of the Mexican oil sector. Mexico is the second largest trading partner of the United States. Last year, United States exports to Mexico reached $226 billion, exceeding the export values of United States to Brazil, Russia, India and China combined. Mexico’s potential growth is not just about numbers. In today’s global market, good governance is necessary to create an attractive market.
“Forty-five percent of all United States exports go to Latin American and Caribbean markets, and U.S. exports are growing at a faster rate than our trade with the rest of the world. Since 2009, U.S. exports to Central and South America have increased almost 70 percent, representing the fastest growth rate in comparison with any other region,” said Selig.
“Take for example Brazil and Colombia. In 2013, Brazil was the ninth largest trading partner and Colombia, after improving security issues, is now becoming the third largest economy in Latin America.”
The Trade Américas and ConnectAmericas Expo, sponsored by the Inter-American Development Bank (IDB) and Latin Trade Magazine, brings together hundreds of Latin American entrepreneurs and government representatives.
The United States has free-trade agreements with 20 countries, of which 11 are in Latin America. One-fifth of U.S. exports went to these partners in 2013.
“The merchandise we sold to our 11 Latin American markets through the free trade agreement represented 20 percent of our total exports in 2013,” said Selig.
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