The United States and Mexico have agreed to increase the exchange of information on matters related to foreign investments to protect national security.
On Thursday, Janet Yellen, the U.S. secretary of the treasury, signed a memorandum of intent with Rogelio Ramirez de la O, Mexico’s secretary of finance and public credit, to establish a bilateral working group to facilitate information sharing about foreign investment screenings.
According to the Treasury, the MOI affirms the importance of maintaining an open investment climate between the U.S. and Mexico and recognizes the close relationship between the two countries.
“Both countries benefit when they work together to guard against foreign investments that pose national security risks,” said Yellen.
While the agreement did not mention China, it comes amid concerns over increased Chinese investments in Mexican companies. In 2021, foreign direct investments to Mexico from China reached $386 million, a significant increase from just $38 million a decade prior.
At a news conference in Mexico City following the signing of the MOI, Yellen clarified that engagement with Mexico is “not just China-focused.”