Virginia inks trade and cultural pact with Mexico City

Governor Terry McAuliffe announced July 14 that Virginia has signed a Memorandum of Understanding (MOU) with the City of Mexico City to formalize a bilateral relationship aimed at expanding business opportunities and trade and strengthening cultural, historic, and economic ties through coordinated joint initiatives. 

This is the second MOU signed as a result of the Governor’s May trade and marketing mission to Mexico and establishes a platform for cooperation between Mexico City and Virginia.  In June, Governor McAuliffe announced an MOU between Virginia and the State of Baja California, Mexico.

McAuliffe was quoted in a news release as saying, “As Virginia’s third-largest export destination, Mexico is a vital partner in building the new Virginia economy. As we continue these efforts, I look forward to forging new economic development opportunities that generate additional investment and job creation and building bridges between Virginia and Mexico.”

“The Commonwealth is home to several Mexico-based companies, and we are pleased to announce this new partnership which will foster further investment opportunities, as well as increase trade between the Commonwealth and Mexico,” added Secretary of Commerce and Trade Todd Haymore. “I look forward to working with Mayor Mancera to establish meaningful initiatives that will benefit both Virginia and Mexico City.”

Between 2012 and 2016, Mexico-based businesses ranked 11th in terms of announced new jobs and 14th in announced capital investment in the Commonwealth.  Mexico is one of Virginia’s largest export destinations, ranked third for overall exports of Virginia goods and services in 2015 and sixth in agriculture and forestry exports in 2016, according to the news release.