A trade expert highlights the presence of the same companies in Mexico and Brazil, emphasizing the diversification of the Brazilian market compared to Mexico, with a strong focus on commodities such as oil and agriculture. Although there is cooperation and political will between both countries, the lack of business interest hinders the signing of a trade agreement.
"Ignacio Martínez Cortés, Coordinator of the Analysis Laboratory in Trade, Economy and Business at UNAM, mentioned that the business community is key in the execution of trade agreements, and pointed out that Mexico does not pay enough attention to Brazil due to geoeconomic reasons," he explained. Amid the tensions of the trade war triggered by the United States, Brazil and Mexico are seeking to open talks for a treaty, although the internal conditions of their markets pose challenges.
Despite the intention of the Head of Government of Mexico City, Claudia Sheinbaum, to explore new markets, the focus remains on seeking agreements with the United States. The imposition of tariffs on tomatoes by the U.S. has raised concerns in both countries, due to the possibility of unilateral measures by Trump in different economic sectors.
In an attempt to strengthen the relationship, Sheinbaum and Luiz Inácio Lula da Silva discussed the possibility of an agreement between "friendly countries." They noted that the current trade relationship is primarily within the same companies, with similar primary sectors, although Brazil has diversified its ties with China in agriculture and oil.
Despite the "many possibilities" mentioned from Palacio Nacional, trade negotiations between both countries have been unsuccessful so far. Competition in strategic areas such as automotive, agribusiness, energy, technology, and innovation poses challenges. Nevertheless, both Mexico and Brazil show optimism about the possibility of reaching an agreement in the future.
