The non-oil trade between the UAE and Mexico hit $1.3 billion during 2016, with the two countries continuing to strengthen economic ties and other trade relations at different levels, according to a Ministry of Economy report.

The ministry has issued the report based on the World Trade Organisation 2017 Trade Policy Review on Mexico as part of the ministry’s efforts to improve public-private awareness of the economic reform policies and frameworks adopted by the UAE’s major trade partners, reported Wam, the Emirates official news agency.

The report sheds light on the key developments experienced by the American nation's economy over the past period and the efforts made by the Mexican government to improve the investment landscape and promote businesses with other world countries.

The report noted that the Mexican economy has been progressing progressively during the period from 2012 through 2016 , explaining that Mexico's Gross Domestic Product grew by 1.4 per cent in 2013 (down from 4 per cent in 2012) and by around 2.5 per cent in 2014 and 2015. Nevertheless, during the period under review average GDP growth was close to 3 per cent, approximately double the rate in the previous review period.

The document attributed the economic growth to the country’s success in keeping inflation rates low at 2.4 per cent.

It added that Mexico in 2013 launched an economic reform programme across 11 economic platforms that addressed a wide spectrum of economic areas, primarily competiveness, taxation, energy, financial services and telecommunications.

In this respect, the WTO report noted that Mexico has sound economic fundamentals to address the challenges raised by the current situation. These fundamentals include the projected and actual achievements in consolidating the public finances; the application of preventive monetary policy measures adopted during 2016; a well-capitalized, solvent financial system free of liquidity problems; and an important, unprecedented process of implementing structural reforms launched in 2012.

According to the report, Mexico is in a position to tackle new challenges thanks to 11 structural reforms that Mexico has been implementing with three main objectives in view, namely raising productivity; strengthening and broadening Mexicans' rights; and bolstering democracy and fundamental freedoms.