Business plans: two trade missions from Russia to visit Mexico in 2025

Trade turnover between Russia and Mexico reached $1.3 billion in 2024, the Mexican Embassy in Moscow told Izvestia. Despite difficulties with logistics and sanctions, the two countries show mutual interest in cooperation. Two major trade missions of Russian businessmen to Mexico are already planned for 2025. Additional opportunities for foreign investors may also open up against the background of the country's difficult relations with the United States after Donald Trump came to power and the ongoing threats to increase trade duties.

Russia-Mexico trade in 2024

In the period from January to November 2024, trade turnover between Russia and Mexico amounted to $1.3 billion. This figure is 26.35% less than in the same period in 2023, when it was at $1.8 billion, the embassy of the Latin American state in Moscow told Izvestia.

- Despite the recession, we found a great interest of businessmen and chambers of commerce of both countries in strengthening cooperation. Two major trade missions of Russian businessmen to Mexico are planned for 2025," the diplomats said.

It should be noted that in the period from January to April, the level of trade turnover between Russia and Mexico was higher than the same indicator in 2023: "In the first four months of 2024, the volume of bilateral trade amounted to $759.99 million, which is 9.8% more than in the same period of 2023. At the same time, Russian exports amounted to $752 million (+10.4% compared to January-April 2023)," the Mexican embassy reported earlier.

According to diplomats, Russia exported to Mexico mineral fertilizers, pig iron, steel, aluminum products, as well as wheat and rubber. Mexico, in turn, supplied Russia with pepper, dried fruits, medical products, ethyl alcohol and coffee.

Now Mexico is Russia's second largest trading partner in Latin America in terms of trade turnover, says Tatiana Mashkova, Director General of the National Committee for Promoting Economic Cooperation with Latin American Countries (Brazil comes first). Entrepreneurs from both sides have an interest to cooperate, nevertheless, certain difficulties remain, including those related to logistics and payments.

- We should not forget that Mexico is the first U.S. trading partner in terms of trade turnover. We strive to increase trade between our countries, but we need to be realistic. We should not set exaggerated goals for ourselves. Mutual supplies will not increase dramatically for a variety of reasons, but it is necessary to maintain and develop cooperation. Mexico continues to be a friendly country (it has not imposed sanctions against Russia, does not provide military support to Ukraine and calls for a diplomatic settlement of the conflict in Europe. - "Izvestia")," Tatyana Mashkova added.

Mexico is one of the strongest economies in the Latin American region (it holds the leading position together with Brazil). Since 1992, there has been a free trade agreement between the States, Canada and Mexico. But with Donald Trump in the White House, relations between Washington and Mexico City could become more complicated. Especially since duties of 25% on goods from the Latin American country come into effect from the beginning of February. Moreover, the American leader has not ruled out raising tariffs in the future. Mexico has already promised to respond to the U.S. decision with "tariff and non-tariff measures." Washington, after the return of the Republican to the White House, actively accuses the neighboring country of problems related to illegal migration and drug smuggling. This attitude on the part of the United States to a certain extent opens up new opportunities for foreign entrepreneurs, including those from Russia.

New areas of cooperation for Russia and Mexico

If the parties manage to overcome difficulties with payments and logistics, one of the most promising areas for Russian-Mexican cooperation is medicine.

- Russian companies are interested in such cooperation: both in purchasing drugs from Mexico and in supplying our drugs there. Mexico ranks first in the world in terms of the number of obese people, and diabetes is a serious problem. Consequently, we need drugs to treat and diagnose this disease. Russia is strong in the production of insulin, including for export," says Tatiana Mashkova.

Russia has already established cooperation in the field of insulin supplies with some Latin American countries, including Venezuela. Here in 2025 it is planned to launch production of this drug using Russian technology. In the near future, its sales may even begin in Argentina, which, after Javier Milay came to power, abandoned cooperation with the BRICS and focuses more on developing relations with the United States.

Russia and Mexico also have good opportunities in natural resources extraction - gas, lithium and coal. In addition, we should not forget about renewable energy sources. President Claudia Sheinbaum, who took office in October 2024, unlike her predecessor Andres Manuel Lopez Obrador, is trying to promote the green agenda more actively. This opens up new opportunities for joint projects.

- It is worth paying attention to the cooperation of individual Mexican states with Russian regions. They are quite independent and manage their budgets independently. In particular, during our talks, a representative of the state of Coahuila said that there is interest in involving Russian companies in the restoration of railroads in Mexico. They are currently in a clear decline, and Russia has the necessary technology and experience, so we could work on this topic together," Tatiana Mashkova said.

Tourism to Mexico

In addition, the countries are interested in strengthening cooperation in tourism. However, there are difficulties here too: it is not only logistical difficulties (there are no direct flights) and problems with accepting Russian cards abroad. Previously, there were several cases when Russian citizens were not allowed across the border. In 2024, over 1.8 thousand Russians were denied entry to Mexico, Russian Ambassador to the Latin American country Nikolai Sofinsky told Izvestia earlier. The number of refusals was less than in 2023 (about 2.1 thousand), but it still exceeds the figures of 2022 (1,043).

Tatiana Mashkova is sure that our countries have a serious potential for the development of gastronomic tourism.

- The trend of growth of foreign tourism to Mexico in recent years, after the global decline in 2020 caused by the COVID-19 pandemic, has been increasing year by year. We rank sixth among the countries that receive the most international tourists, and we expect this trend to continue in 2025. The growth of Russian tourism to Mexico will largely depend on the availability of direct flights between our countries or at least more alternative routes to Mexico, as there are currently no more than three viable options," the Mexican Embassy said.

Last year, more than 30,000 Russians visited Mexico - a 47% decrease from 2023. The Mexican embassy says that the country attaches special importance to Russian tourism, including because of the significant economic income it brings.