Russia Aims to Double Trade with Mexico Amidst USMCA Trade Tensions at Business Forum 2025

The first 'Russia-Mexico Business Forum' took place in Mexico City on April 3, 2025, amidst evolving North American trade dynamics. Organized by the Roscongress Foundation, the forum highlighted Russia's ambition to significantly increase trade and investment in Mexico. Russian Ambassador to Mexico, Nikolay Sofinsky, pointed out that the current global economic situation presents new opportunities for both nations. Despite what he termed 'contradictory global trends,' he expressed optimism that trade and investment between Russia and Mexico could be revitalized, potentially doubling the current annual trade of approximately $2 billion within a short timeframe. Aleksandr Abrámov, the Trade Representative of the Russian Federation in Mexico, stressed the untapped potential for cooperation. He emphasized the importance of conducting trade in national currencies and establishing robust banking relations to facilitate smoother transactions. Russia's current exports to Mexico include fertilizers, metals, wheat, and other agricultural products. Russian fertilizer companies and pharmaceutical manufacturers are particularly interested in direct sales within the Mexican market. María Araceli De Haas Matamoros, from the Mexican Ministry of Economy, suggested that the shifting economic landscape and the redesign of value chains could create mutually beneficial opportunities for both Mexico and Russia. These discussions occur in a context where the United States has implemented tariffs, even on USMCA partners, while extending exemptions to others. As of April 2, 2025, President Trump's administration imposed tariffs on 185 countries, excluding Canada and Mexico for USMCA-compliant goods but maintaining tariffs on non-compliant goods, steel, aluminum, and automobiles.