High level talks are held by US and Mexico officials on a regular annual basis to address economic issues of importance to each nation.
Companies in the US and Mexico conduct over US $500 billion in bilateral trade each year, and engage in cross-border investment that exceeds US $100 billion during the same period. Despite the border that separates the two countries, the governments of the two nations have progressively worked in tandem over the last several decades to create mutually beneficial opportunities for enhancing economic cooperation, prosperity and well-being on both sides of the international boundary. The geographic proximity of the two nations has naturally facilitated the development of an integrative approach to doing business in a partnership that has led to an initiative that has been termed the US-Mexico High-Level Economic Dialogue Initiative.
In May of 2013, the presidents of their respective countries announced the US-Mexico High-Level Economic Dialogue Initiative (HLED) talks would be held annually in the interest of mutual advancement in the economic and business sector. The yearly summits serve the purpose of facilitating dialogue and joint initiatives to move forward strategic priorities that address three central pillars or goals:
- Promoting competitiveness and connectivity
- Fostering economic growth, productivity, and innovation
- Partnering for regional and global leadership
The goals of the US-Mexico High-Level Economic Dialogue Initiative were selected to focus on those on which the two nations can effectively collaborate to foster mutual prosperity. The aim of the HLED is to enhance competitiveness and investment through cooperation in specific sectors that the US and Mexico share in common, among which are:
The US-Mexico High-Level Economic Dialogue Initiative solicits input from both the public and the private sector economic stakeholders in each country in order to set its annual agenda. Each yearly meeting is led by cabinet-level leadership. On the US side, the initiative is co-chaired by the Departments of Commerce and State, while on the Mexican side, it is co-chaired by the Secretariats of Economy, Finance, and Foreign Relations.
The US-Mexico High-Level Economic Dialogue Initiative meeting took place on September 20th, 2013 in Mexico City, and the second meeting was held in Washington DC on January 6th, 2015. The third meeting will be held in 2016. These gatherings have resulted in several agreements and partnerships that are already being implemented to initiate, implement and improve binational economic endeavors. For example:
- An air transport agreement resulting from US-Mexico High-Level Economic Dialogue
- Initiative talks are currently benefitting travelers, shippers, air carriers, and, in general, both nations’ economies by delivering services in a more convenient and competitively priced manner;
- Initiatives have been implemented that have enhanced the management of cross border telecommunications;
- Infrastructure upgrades along the border have been made that have reduced border-crossing wait times significantly;
- HLED activities have led to the mutual recognition of the countries’ respective “trusted trader” programs to enhance the flow of goods across the border.
- A series of workshops for over 450 stakeholders from government, academic, and private circles was held thanks to US-Mexico High-Level Economic Dialogue Initiative’s Bilateral Forum for Higher Education, Innovation, & Research.
- The Mexico-US Entrepreneurship and Innovation Council was formed.