Date
October 21-27, 2023
Location
Monterrey and Mexico City, Mexico
Utah companies find success in Mexico
Returning for the second year in a row, Governor Spencer Cox led a trade mission delegation of 34 Utahns to Mexico to strengthen ties with one of our most important trade partners.
Trade with Mexico supports 51,000 jobs in Utah and totaled $5.6 billion in 2022. Over the years, Mexico has become Utah’s largest import market and the third-largest export market.
As a follow-up from the 2022 state trip to Mexico, Gov. Cox met with the Ministry of Foreign Affairs and the Ministry of Economy to present the Joint Utah-Mexico Partnership (JUMP). The strategic plan includes 12 recommendations for continued partnership in the region, including points about new jobs, trade, tourism, and language acquisition. Read the JUMP plan.
Mexico Foreign Minister Alicia Bárcena states that she celebrated this type of initiative and looks forward to the continued partnership.
what people are saying
Our commitment to all involved is to maximize the value created from these meetings and engagements. Speaking to the success of the trade mission, delegates shared the following:
San Diablo Artisan Churros: “We were able to accelerate our plans for both the expansion of our catering and retail churro presence in the Mexican market and sourcing our churro-making kit components from Mexico. Additionally, with the relationships we built and increased understanding of production options, we are planning to expand our products to be available in grocer's freezers.“
Traeger: “The engagement opportunities will fast-track your plans and exponentially enhance the understanding of the global business options.”
SnugZ USA: “Doors were opened, education was key, and conversations with other business leaders from Utah were priceless.”
Merit3D: “The trade mission … connected me to so many organizations and individuals that would have taken years to do.”
Homie.com: “The opportunity for our company to nearshore talent is 100% real and valuable to our business and its shareholders!”
near (and dear) shoring
Many of the companies in the recent Utah delegation made the trek to find nearshoring options for their supply chain and minimize the risks of manufacturing in China. Compared to Asian counterparts, Mexican manufacturers boast similar or lower costs of skilled labor. Additionally, due to its strategic geographic location, Mexico provides shorter transit times to deliver products to the U.S.
The implementation of the United States-Mexico-Canada Agreement (USMCA) in 2020 has strengthened the commercial bridge between the U.S. and Mexico. Companies manufacturing in Mexico enjoy transparency in factories, the ability to manufacture without establishing an entity in Mexico, and most importantly, zero tariffs on U.S.-made products.
media
Deseret News | Gov. Spencer Cox announces strategic trade partnership with Mexico
ABC 4 | ‘Viable alternative to China’: Gov. Cox strengthening trade with Mexico
ABC 4 | Gov. Cox touts successful trip to Mexico with new partnership plan
KSL 5 News | Gov. Cox announces trade partnership between Utah and Mexico
Special thanks to the incredible trade mission partners and sponsors who helped make this trade mission a success, including Angel Studios, Deseret Management Corporation, the Governor’s Office of Economic Opportunity, Greenburg Traurig, Homie, HSBC, and J.P. Morgan Private Bank.
