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The United States of America and Mexico are strategic allies and critical economic partners. We share not only a 2,000 mile border but a dynamic commercial relationship that generates more than $500 billion in two-way trade and supports millions of jobs in both countries. Together with Canada, Mexico and the United States comprise one of the most competitive and successful regional economic platforms in the world, the sustained competitiveness of which is dependent in large measure on continued and deepened economic and commercial cooperation, integration, and policy alignment.
To further elevate and strengthen this dynamic bilateral commercial and economic relationship, President Obama and President Peña Nieto have agreed to establish a High Level Economic Dialogue (HLED). The HLED, which will be led at the cabinet level, is envisioned as a flexible platform intended to advance strategic economic and commercial priorities central to promoting mutual economic growth, job creation, and global competitiveness.
It is expected that the HLED will meet annually, starting this fall, to facilitate dialogue and joint initiatives organized around three broad pillars. It will build on, but not duplicate, a range of existing successful bilateral dialogues and working groups, and is envisioned as a mechanism to advance shared strategic priorities in the following areas:
• Promoting Competitiveness and Connectivity
• Fostering Economic Growth, Productivity and Innovation
• Partnering for Regional and Global Leadership
The pillars have been selected to coordinate shared interests and priorities affecting the growth and competitiveness of the U.S. and Mexican economies, focusing on those linkages where our countries can collaborate to promote mutual prosperity. The HLED will explore ways to promote competitiveness through enhanced cooperation in specific sectors that connect our economies, including in the area of transportation, telecommunications, and energy, as well as promoting greater two-way investment. The HLED will also explore ways to promote entrepreneurship, stimulate innovation, and encourage the development of human capital to meet the needs of the 21st Century economy, as well as examine initiatives to strengthen economic development along our shared border.
Given the integrated nature of our economies and our shared interest in global markets, the HLED will also help facilitate greater alignment and cooperation between the United States and Mexico on issues of shared concern in both regional and international fora, leveraging our existing engagement through the Trans-Pacific Partnership (TPP), the Asia Pacific Economic Cooperation (APEC) forum, the G20, and other initiatives.
The HLED will seek to engage and solicit input from the private sector and civil society as it develops its annual agenda.