Mexico has received an invitation to join the Trans-Pacific Partnership negotiations aimed at setting up a multilateral Asia-Pacific free trade area. The nine countries currently negotiating the pact are the United States, Australia, New Zealand, Peru, Chile, Singapore, Malaysia, Vietnam and Brunei.

The announcement was made yesterday by US President Barack Obama and Mexican President Felipe Calderon at the G20 Summit in Los Cabos.

Calderon, who is nearing the end of his six-year presidential term, said joining the trade talks is a "great piece of news for Mexicans" as it would help Mexico expand its economy and promote job growth at a time when some other countries are facing a slowdown.

He said:

This is one of the free trade initiatives that's most ambitious in the world and would foster integration of the Asia Pacific region, one of the regions with the greatest dynamism in the world.

Related: Mexico Economy

Related: Mexico Economic Structure

The proposed TPP framework is part of a broader US strategy to link its economy to fast-growing markets in the Asia Pacific region.

The countries involved in the negotiation are working towards an agreement that seeks a complete elimination of trade tarrifs by 2015, as well as higher standards in areas such as labour, environment and intellectual property rights protection.

However, the negotiation rounds have been plagued by controversy over its non-transparency and lack of public participation, as well as its restrictive intellectual property provisions.

Pro-trade advocates also hope that the negotiations will include more regional economic heavyweights such as China, Japan and Canada.

Canada has expressed its interest in joining the TPP, but its bid to join has been undermined by the high tariff wall that shields dairy and poultry producers.

Mexico and Canada already are partners with the United States in the North American Free Trade Agreement, which went into effect in 1994.

The nine current TPP countries will hold their 13th round of talks in early July in San Diego, California.

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elated: Asia Pacific Economic Forecast