The commercial exchange of Mexico and Russia reaches US$1.573 billion so far this year

The commercial exchange of Mexico and Russia stood at US$1.573 billion in the first nine months of 2022, declared the Mexican ambassador in Moscow, Norma Pensado. Economic relations between the two countries have remained stable, but are characterized “by a potential not yet fully developed,” she added.

“So far this year, in the first three quarters, our commercial exchange has amounted to US$1.573 billion,” the diplomat communicated at the press conference on the occasion of the conclusion of her assignment as ambassador of Mexico in the Russian Federation.

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As for 2021, the commercial exchange of the two countries rose to US$2.750 billion compared to US$1.268 million in 2020, “which implies a significant increase of practically 117%,” Pensado added, citing data from the Bank of Mexico.

“It is important to point out that this increase was fundamentally due to the purchase contract for the [anti-COVID] Sputnik V vaccines made by Mexico,” she stressed.

The ambassador explained that the economic relations between Mexico and Russia remained relatively stable during the five-and-a-half years of her administration as head of the Mexican diplomatic mission in Moscow, but they are characterized “by a potential not yet fully developed.”

“There is a lot of interest in some Mexican companies to export products, especially agricultural ones,” said Pensado.

In addition, she continued, there are several joint projects in the phytosanitary field that are being developed: the embassy is trying to collaborate with Russian organizations so that the institutions of both countries, which have to do with phytosanitary aspects, can advance and have facilitated access to trade routes in this field.

Norma Pensado has served simultaneously as ambassador to the Russian Federation, the Republic of Belarus and the Republic of Armenia since October 2017. In addition, she is the first woman to head the Mexican diplomatic mission in Moscow.

In August 2022, the Second Commission of the Permanent Commission of the Mexican Congress —of Foreign Affairs, National Defense and Public Education— endorsed the opinion of the appointment of Eduardo Villegas Megías as the new ambassador of Mexico in Russia, in Belarus and in Armenia. Pensado herself has been appointed ambassador to Denmark, where she will go next week.

With information from Sputnik