Partnership for Prosperity Report to President George W. Bush and President Vicente Fox

Released by the Bureau of Western Hemisphere Affairs
Washington, DC
November 12, 2003

President Vicente Fox and President George W. Bush launched the Partnership for Prosperity in September 2001, to build on the strong and long-standing bonds between Mexico and the U.S. to promote economic growth and higher living standards, and enhanced security for both countries.  The Partnership, a new model of cooperation between Mexico and the U.S., is a public-private strategic alliance, which has opened new windows of opportunity in the bilateral relationship.

The Partnership for Prosperity has identified clear priorities and achieved results.  In two short years, the Partnership consolidated a bilateral agenda filled with positive ventures.  The two governments worked closely with the private sector to identify opportunities in financial services, housing, investment, physical infrastructure, small-and-medium enterprise development, innovative enterprises, human capital, and corporate citizenship.

At the U.S. - Mexico Binational Commission Annual Meeting in Washington on November 12, the Partnership presented a report that highlights the achievements of 2003 including:  

* The Partnership brought together more than 800 Mexican and U.S. private sector representatives and governmental officials for a major Entrepreneurial Workshop in San Francisco, California (June 9-10, 2003), to discuss business opportunities in the region and launch new ventures in a wide array of sectors.

* Banco de México (BANXICO) and the U.S. Federal Reserve System established the Sistema de Transferencia Electrónica de Fondos Internacionales (TEFI) / Fed Automated Clearing House International Mexico Service, an automated clearinghouse that reduces the cost and time of cross-border financial transactions.

* Mexican and U.S. financial institutions furthered their initiatives to facilitate competitive and secure remittances for Mexican migrants in the U.S., launching new financial products and bringing more people into the financial system.

* The two governments signed an agreement which will enable the Overseas Private Investment Corporation (OPIC) to provide investment support in Mexico for private sector projects focused on education, municipal and state infrastructure, and the environment. This agreement is subject to approval by the Mexican Senate.

* Mexico and the U.S. launched the Responsabilidad para la Prosperidad/Good Partner Award program to recognize the contributions of the private sector in advancing social and economic development in Mexico. 

* The U.S. Trade and Development Agency (USTDA) is working with Nacional Financiera (NAFIN) and Secretaría de Comunicaciones y Transportes (SCT) to provide $1.4 million for feasibility studies for infrastructure projects in Mexico.

* Secretaría de Economía, NAFIN, and the U.S. Small Business Administration (SBA) signed an agreement to expand bilateral cooperation, develop stronger commercial ties, and increase trade between small businesses.

* The Consejo Nacional de Ciencia y Tecnología (CONACYT) signed six cooperation agreements with U.S. academic institutions and research centers to grant scholarships to Mexican students, promote faculty interchange, and collaborate in joint research programs.

* CONACYT and the U.S. Peace Corps signed an agreement to initiate a program in Mexico. The program will focus on providing qualified volunteers to work in areas such as information technology, small business development, and technology transfer.

* Under a cooperative agreement, Banco Nacional de Obras Públicas (BANOBRAS) and the U.S. Agency for International Development (USAID) are using a $500,000 grant to work with U.S. municipal finance advisor Evensen Dodge to enable Mexican municipalities to issue bonds in the Mexican capital market. 

* The Instituto Mexicano para la Competitividad (IMCO) and the U.S. Council on Competitiveness initiated a partnership to share expertise and resources to conduct joint projects focused on competitiveness issues and regional economic development.

The full report can be found at http://www.p4pworks.org/p4p_us.php.

The Partnership for Prosperity continues to seek new ideas and to enlist additional players to build on the dynamism of the bilateral relationship.  Building on these successes, the Partnership plans to convene a second entrepreneurial workshop, hosted by Mexico, in 2004.  As in all aspects of the Partnership, the Mexican and U.S. governments will work closely with the private sector to plan, set the goals and implement the conclusions of the workshop.