As the global economy becomes increasingly interconnected, fostering strong regional relationships is essential for long-term economic growth and prosperity. Under the United States-Mexico-Canada Agreement (USMCA), Texas’ partnership with Mexico is more important than ever before. Mexico is by far our state’s – and now our nation’s – largest trading partner, with the Texas-Mexico trade relationship worth more than $285 billion annually.
Last year, TAB took a significant historic step by signing a memorandum of understanding (MOU) with the leading Mexican business organizations. These agreements solidify our mutual commitment to boosting regional competitiveness, encouraging trade, improving infrastructure, developing talent, and laying the groundwork for mutual economic success on both sides of the Texas-Mexico border.
Building on this foundation, last week TAB hosted a productive two-day working meeting to further deepen collaboration with Mexico’s private sector and address key economic issues currently affecting both Texas and Mexico. Representatives from both sides came together to discuss strategies for enhancing economic exchange and competitiveness, sharing valuable insights and best practices along the way.
José Manuel Bulás, Vice President of the Legislative Liaison Committee from the Mexican Confederation of Industrial Chambers (CONCAMIN) pointed out that ‘nearshoring’ – the process by which companies are increasingly bringing supply chains closer to home – offers “a historical opportunity for Mexico and Texas to elevate themselves to a global competitive hub by enhancing investment, bolstering infrastructure, and expanding trade through collaborative efforts within the private sector.”
Rolando Pablos, former Texas Secretary of State and Chairman of TAB’s Mexico Trade and Investment Council, echoed this optimism: “As more businesses look to bring their operations and supply lines from Asia and toward North America, it is critical we continue to collaborate with our partners in Mexico to maximize investment and economic opportunity to help supercharge the Texas economy within the broader Texas-Mexico economic trade bloc.”
TAB is grateful for the participation and engagement our esteemed Mexican business partners, including CONCAMIN, CCE, COMCE, CAINTRA NL, INDEX, and COMCE Noresete. We are also thankful for the Texas leaders and experts who joined us for this important dialogue, including Shirley Temple of the Governor’s Office of Economic Development, Luis Torres and Armida Rojas of the Dallas Federal Reserve, Gerry Schwebel of IBC Bank, and James Taylor of the State of Texas Mexico Office.
Looking ahead, TAB remains committed to nurturing these critical private sector partnerships and leveraging the power of collaboration to address common challenges and drive mutual success for businesses on both sides of the border. Reinforcing binational cooperation with our invaluable ally and neighbor, Mexico, is the key to ensuring both of our nations can secure an even more prosperous economic future.
- By Glenn Hamer, President & CEO, Texas Association of Business
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