Русский
The Russian Foreign Minister, Sergey Lavrov has met with Foreign Minister Mexico, Juan Ramon de la Fuente Ramirez on the sidelines of the BRICS summit in Rio de Janeiro. Mexico is not a member or partner BRICS nation; however the country was invited as an observer.
Lavrov and Fuentes discussed key issues related to Russian-Mexican relations, including those linked with deepening bilateral political dialogue and expanding trade, economic, cultural and humanitarian cooperation, as well as various aspects of improving the contractual-legal framework. This latter note implies that a Russia-Mexico bilateral investment treaty could be in the process of being developed. Such treaties protect respective investors rights in each other’s countries and often contain specific tax incentives designed to boost trade, especially within the services sector.
Mexico is Russia’s second largest trading partner in Latin America after Brazil, and the structure of bilateral trade remains diversified. Russian exports include chemical fertilisers, metal products, grain and rubber, while Mexico supplies Russia with coffee, pepper, pharmaceuticals, and food products.
Mexico is under the process of reviewing and expending its international relations, as political relations with US President Donald Trump are difficult, and include sanctions threats. Nevertheless, the US remains Mexico’s most important trade partner and investor, meaning the country must tread carefully. That said, there are some ingenious ways in which Mexico and Russia could combine. One is the fact that Mexico buys imported US LNG, refines it, and sells it on to the European Union. Russia has noted this and has made proposals that Mexico purchases Russian LNG, refines it and sells it onto the European Union.
The greatest potential for the development of bilateral relations is concentrated in several key sectors. In the energy sector, the oil industry is of particular interest, with Russian companies contributing to offshore exploration and production, modernisation of refining facilities and supply of equipment. In addition, Russia has advanced lithium extraction technologies that may be in demand in Mexico in light of the growing interest in developing local deposits. Cooperation in the field of nuclear energy continues. There are also prospects for cooperation in the energy green transition.
The agro-industrial complex also remains an important area. Russia traditionally holds a significant share in wheat exports to Mexico. There is potential for expanding supplies of other agricultural commodities. There is also continued interest in cooperation in the pharmaceutical and chemical industries, information technology and engineering, and artificial intelligence.
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