President Nieto's participation at the BRICS summit assumes much significance at this juncture when U.S. President Donald Trump has threatened to scrap the North American Free Trade Agreement (NAFTA) and Mexico is searching for business opportunities in other regions.
President Nieto will discuss trade and investments with Chinese President Xi Jinping on Sunday, Global Times quoted the Mexican Foreign Ministry, as saying.
"The BRICS Summit is more attractive to emerging economies like Mexico, because the summit advocates a new kind of globalization - fairer, more comprehensive and more righteous. It emphasizes connectivity and offers the convenience for the launching of free trade zones, which suits the economic development interests of developing countries," the Chinese state media quoted Lu Jing, a professor at the China Foreign Affairs University's Institute of International Relations, as saying.
It is being reported that U.S., Mexican and Canadian negotiators are deliberating to revamp the 23-year-old NAFTA in Mexico city.
Trump renewed his threat to scrap NAFTA on August 27, which he blamed for killing jobs and exacerbating the US deficit, and criticized trading partners Canada and Mexico.
"Mexico's role in NAFTA has diminished as well since Trump announced his plan to build a wall on the US-Mexico border," Chen Fengying, an expert at the China Institutes of Contemporary International Relations said.
"BRICS nations - Brazil, Russia, India, China and South Africa - have become an influential force in improving the world economy, promoting changes in the global order and safeguarding international peace and stability. Cooperation among BRICS nations has entered another decade, which will be crucial in building on the past and opening up the future," Chinese foreign ministry spokesperson Hua Chunying said during a press briefing.
Hua said that considering the complicated international situation, BRICS nations, as the representatives of emerging economies and developing countries, have the responsibility and capability of playing an active and constructive role in dealing with global challenges.
China would like to make efforts with other countries to make the cooperation bigger and stronger to build a solid foundation for launching more multilateral ties and effective cooperative mechanisms, Hua said.(ANI)