For decades, prior to the 1990s, Mexico and Brazil had little to do with each other. As huge countries, both in terms of landmass and population, divided by language and geography and led by statist, protectionist governments, there was little need for proximity. But the experience of Mexico’s ‘lost decade’ in the 1980s convinced policymakers that the stability and transparency promised by the North American Free Trade Agreement (Nafta) would stimulate investor confidence in the country. Since 13 Nafta’s signature in 1994, Mexico has become one of the world’s most open economies.

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