UK to tap Mexico after US in ongoing post-Brexit trade pursuit

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Minister of Economy of Federal Government Ildefonso Guajardo Villarreal attends the inauguration of the second stage of the Center for Advanced Engineering on July 11, 2014 in Queretaro, Mexico.

Mexico is also currently investing heavily in its infrastructure, including building a new airport in Mexico City to boost international traffic to the capital.

The development is the biggest infrastructure project to emerge from Latin America and will initially accommodate 68 million passengers per year, later rising to 125 million.

Several British businesses already hold construction contracts in the project worth a total of £40 million ($52 million), and their number can be expected to rise as “further significant opportunities” arise, a spokesperson for Britain’s Department for International Trade told CNBC.

However, a deal with Mexico could also threaten to undercut U.K. businesses, including the agriculture industry. This was an issue of huge contention during President Donald Trump’s 2016 election campaign, in which he accused U.S. businesses of outsourcing manufacturing jobs to Mexico to reduce costs, thereby damaging U.S. industry.