G20 Country Mexico: An Emerging Economy That Holds Geostrategic Importance
In 2012, Mexico hosted the G20 Summit in the resort city of Los Cabos. As one of the largest economies in Latin America, Mexico plays a vital role in regional trade and commerce.
President: Andrés Manuel López Obrador
- Commonly referred to as AMLO, Obrador is no stranger to international diplomacy. With a political career spanning several decades, including a stint as the Mayor of Mexico City, he assumed the country’s presidency in 2018.
An emerging economy, Mexico has an important geostrategic position with the US to the north and the South American continent to the south. The 15th largest economy, Mexico is beset by social disparities and around 40 per cent of the population lives in poverty.
As part of the G20 bloc, Mexico has been engaged in fostering close international consultation on financial, technical, and environmental cooperation.
Mexico, a G20 member since 1999, brings substantial experience and influence to the global stage. In 2012, Mexico hosted the G20 Summit in the resort city of Los Cabos. During the 2012 Summit, several significant resolutions were made, including the commitment to strengthen the International Monetary Fund's (IMF) resources to tackle economic crises and the initiation of the Global Infrastructure Initiative to boost investment in infrastructure projects worldwide.
In the G20 deputies' meeting in 2003, Mexico announced a key breakthrough by including collective action clauses (CACs) in an international bond for the first time. Collective action clauses provide a framework for restructuring debts when the debtor fails to honour its loan commitments.
Apart from its G20 membership, Mexico is also an active participant in the Pacific Alliance comprising Mexico, Colombia, Chile, and Peru. This bloc aims to promote economic integration and free trade among its member nations, fostering closer ties with the Asia-Pacific region.
As one of the largest economies in Latin America, Mexico plays a vital role in regional trade and commerce.
Additionally, Mexico's experience in dealing with migration issues will enable it to participate in the G20 discussions on immigration and refugees.
The G20 Summit in Delhi is expected to focus on climate change, clean energy transition, and global economic cooperation among other key matters shaping the future course of global politics and economics.
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