| | |  Business News 
Mexico Should Boost Trade with EU: Calderon
 Agence France-Presse
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February 13, 2010
| | President Felipe Calderon | |
Mexico City - Mexican President Felipe Calderon said Friday that his country must reduce its economic dependence on neighbouring United States and seek greater trade opportunities with Europe.
Standing beside visiting Prince Andrew of Britain, Calderon said that "a key strategy for Mexico is to diversify its trade and investment (and) reduce its dependence on the United States.
"The opportunity is primarily in the European Union," Calderon told reporters.
The president confidently stated that the Duke of York's three-day visit would help "strengthen the bonds of cooperation and promote better mutual investment" between Mexico and Britain.
More than 80 percent of Mexico's foreign trade is with its northern neighbour the United States, a movement of goods that has soared since the North American Free Trade Agreement (NAFTA) was implemented along with Canada in 1994.
The Mexican economy, the second largest in Latin America behind Brazil, shrank by around 6.8 percent in 2009, in a drop spurred by the US economic crisis, according to official figures released late last month.
According to a recent UN study, Mexico's gross domestic product will grow by three percent this year, while the Bank of Mexico projects a rise of between 2.5 and 3.5 percent.
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