(Yicai) Sept. 15 -- Mexico's increase of import tariffs on a variety of industrial products will raise production costs of downstream industries, but China hopes the North American country, as a beneficiary of free trade, will adhere to the principle of such agreement and use tariff measures with caution, according to a Ministry of Commerce's spokesman.
"Although the measure is not specific to any country, it has affected the trade between China and Mexico to a certain extent," He Yadong told Yicai at a regular press conference yesterday. "At the same time, the increase in Mexico's overall tariff level will also affect investor confidence, about which China is highly concerned."
Since Aug. 16, Mexico has raised import duties covering 392 tariff lines dealing with various goods, including steel and aluminum, car parts, chemicals, glass, electric material, and others. According to the new rules, countries and regions with no free trade agreement with Mexico will be affected, including China and other Asian economies.
Mexico is China's second-largest trading partner in Latin America, while China is Mexico's second-biggest trading partner in the world, He pointed out. The bilateral trade has kept a sustained growth momentum, and the economic and trade cooperation has brought tangible benefits to both countries, He added.
"China is willing to work together with Mexico to give full play to the complementary economic advantages of the two countries and promote trade and investment facilitation as well as the healthy and stable development of bilateral economic and trade relations," He noted.
Trade between China and Mexico reached a record high of USD130 billion last year, according to data from the Mexican Embassy in China.
Editor: Martin Kadiev