Mexico and Honduras share common interests.
Mexican president, Enrique Peña Nieto, and his Honduran counterpart, Orlando Hernandez, met in Mexico City on Thursday and Friday, February 26th and 27th for the purpose of expanding accords and cooperation between Mexico and Honduras in the areas of trade, tourism, and immigration. Both Pena Nieto and Hernandez acknowledged the importance of the relationship between the two nations.
Mexico is Honduras’ third largest trading partner. Much of the increase in commerce between the two countries over the last fifteen years is the result of a the Mexico and Honduras free trade In 2001, Mexico and Honduras (along with Guatemala and El Salvador) signed accord known as the Free Trade Agreement with the Northern Triangle. In January 2013, Costa and Nicaragua were added to this group of trading partners.
With a population of approximately 120 million, in 2013 Honduras exported over US $130 million in goods, while it imported approximately US $520 million worth of goods and services. In 2014, total trade between Honduras and Mexico amounted to US $996 million. During the first quarter of the present year, it is expected that Mexico will export US $45 million dollars worth of items to Honduras.
The principal products that Honduras sends to Mexico include:
- raw palm and coconut oil
- cotton shirts and apparel
- woolen suits
- lead and its alloys
- automotive wire harnesses
- aluminum and copper cable
Honduras seeks greater economic development
During the meeting between the presidents of Mexico and Honduras, the chief executive of the latter nation, provided details related to the Honduran Economic Development Plan. The country will work over the medium and long terms to focus on the strengthening of the following sectors:
- back office support activities
- electrical harnesses
Honduras also seeks to increase its profile as a logistics center for the Americas. It is estimated that an investment of approximately US $2 billion will be required to improve highway connections between the Atlantic and Pacific Oceans, and to further develop both maritime and airports.
The presidents of Mexico and Honduras also pledged to work together in a broad sense to work together to enhance the prosperity of one another’s nation for the purpose of creating job opportunities for their citizens that would otherwise migrate illegally to the United States in search of employment.