Belfast Telegraph

Global prosperity on the way if we follow right path

The G8 summit at Lough Erne gives us a unique opportunity to address the most pressing issues in world economics, says Enrique Pena Nieto

At this crucial moment, the international community should focus on restoring trust and economic growth. It is an honour that, under the leadership of Prime Minister David Cameron, the G8 has invited Mexico to discuss these themes today at the summit at Lough Erne.

As President of Mexico, I look forward to hear how the G8 2013 agenda is developing. After all, Mexico is also deeply interested in advancing international trade, ensuring tax-compliance, strengthening our financial system and promoting greater transparency.

hese structural issues are extremely important to strengthen the state's capacity to fulfil its social duties.

Thanks to a broad political consensus created around what we call the Pact for Mexico, it has been possible to push an ambitious reform agenda with the support of the three main national parties.

In this manner, we have already approved educational reform, thanks to which our young people will be better prepared to compete in the world.

Also, Mexico now has new telecommunication rules, which promote competition and better quality services for consumers.

In the near future, the Pact for Mexico's agenda will also include energy and tax reform, all of which shall contribute to the maintenance of Mexico's macro-economic stability and increase its potential annual GDP growth-rate.

Through these domestic transformations, we expect to become a stronger country, as well as a more active participant in the world.

We have good grounds to do this. Mexico is today one of the most open global economies. We have free trade agreements with 44 countries and we seek to increase this number with the Trans-Pacific Partnership (TPP).

Specifically, with the G8 countries, Mexico's trade is robust and expanding. However, a deeper productive integration is more possible now than ever before and we are willing to work more closely to make this happen.

Similarly, Mexico is also prepared to participate with the G8 and the Organisation for Economic Co-operation and Development in automatic information exchange mechanisms to prevent tax-evasion and avoidance.

Also, we believe our future tax reform should focus on having a fairer tax system, which reduces regressive fiscal privileges and exemptions.

Regarding the financial system, it has to operate better and more efficiently. That is why we must enforce its regulations.

Additionally, in every economic activity, credit is a key element. Consequently, in order to increase credit levels with lower interest rates, we are promoting financial reform in Mexico.

That is how we expect to increase overall Mexican financial system stability and, as a by-product, contribute to building a more solid, transparent, fair and efficient international financial system. Also, Mexico wants to participate in the G8's transparency, accountability and open government efforts to fight corruption and international crime.

In fact, Mexico – one of the first countries to endorse the Open Government Declaration – is committed to upholding international practices of good governance and empowering citizens regarding the right to information.

Once we assume the chairmanship of the Open Government Partnership in October – along with Indonesia – my government will expand these efforts.

The G8 summit in Fermanagh presents us with the opportunity to address some of the key issues in world economics.

Promoting trade, strengthening our financial and tax systems, as well as committing against corruption, are important steps to regain trust and promote sustainable growth.

I am convinced that, if we continue on this path and co-ordinate efforts with the G8, a new era of unprecedented global economic prosperity lies ahead.

Enrique Pena Nieto is the President of Mexico

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