By Marcus Leach

Deputy Prime Minister Nick Clegg and Mexican President Felipe Calderon today, Tuesday, committed to double bilateral trade to £4.2 billion by 2015.

The Deputy Prime Minister and Mexican President have also agreed to set up a new UK-Mexico business forum, which will bring together key business leaders from both countries to help reach the ambitious trade target. They have agreed to set up a Mexican Chamber of Commerce in London to increase trade and investment flows.

Nick Clegg is in Mexico leading a delegation of more than 20 of Britain’s leading companies including top engineering, construction and design firms as well as universities.

“The UK Government is committed to strengthening our trade and investment links with the fastest growing economies of the world, including Mexico. During this visit, we have not only agreed to double trade, but we have set up ways to achieve this," Clegg said.

“As Mexico’s economy continues to grow it provides huge opportunities for UK firms, particularly in infrastructure energy, education and retail.

“And as we set out in last week’s Budget, Britain is open for business and we welcome investment from Mexico. The UK is one of the easiest places in the world to invest and do business and we are committed to making it ever better.”

The Deputy Prime Minister is accompanied by Foreign Office Minister, Jeremy Browne and Universities Minister, David Willetts.

Later today, Nick Clegg and Mexican President Felipe Calderon, will chair a business roundtable to discuss trade relations.

UK trade with the Latin American region increased by 30 per cent last year and bilateral trade in goods to Mexico, over the same period, went up by a third.

Around 350 British companies and 900 with British capital are already operating in Mexico and UK Trade & Investment has identified opportunities for UK companies in sectors such as infrastructure, energy, retail, advanced engineering, and education.

Mexico’s National Infrastructure Plan, set up in 2007, set out an investment programme worth £140 billion. Part of this work involves building nearly 1,500 kilometres of railroad.

Among the UK businesses already based in Mexico are: HSBC, Invensys, Thomas Pink, Essential Nails, and Currie & Brown.