Foreign Secretary Luis Videgaray met with Saudi Arabian Foreign Minister Adel al-Jubeir on the sidelines of the meeting of G20 Foreign Ministers to review the progress made on various bilateral issues.
The two officials welcomed the stronger and deeper political dialogue, the broader bilateral legal framework and the opening of greater reciprocal opportunities for investment and trade after President Enrique Peña Nieto's State visit to Saudi Arabia in January 2016.
They underscored the importance of increasing trade--especially Mexican exports to Saudi Arabia-- and investment, specifically Saudi investments in Mexico. They also agreed to expand energy cooperation in order to broaden Saudi investment opportunities in that industry.
Saudi Arabia is Mexico's third most important partner in the Middle East in terms of investment and bilateral trade. During the current presidential term, accumulated bilateral trade reached USD 2.87 billion, with Mexican exports totaling USD 1.8 billion and Saudi Arabian imports of USD 1.056 billion.