WASHINGTON — From December 5-7, Secretary of the Treasury Janet L. Yellen will travel to Mexico City, Mexico, where she will engage with government and private sector leaders to strengthen U.S.-Mexico collaboration on countering fentanyl and illicit finance, deepening mutually-beneficial economic ties, bolstering supply chain resilience through friend-shoring, and other shared economic priorities.
Mexico is a key strategic ally and partner of the United States, and the two countries work closely together on a range of shared interests, including on combatting money laundering and illicit financing threats, such as those tied to fentanyl trafficking. Treasury plays a leading role in this effort, leveraging its expertise in fighting illicit financing and financial crimes to disrupt the flows of money that cartels rely on to traffic fentanyl and other harmful drugs. Just last week, Treasury, in collaboration with Mexican government counterparts, imposed sanctions on three Mexican individuals and 13 Mexican entities linked to CJNG, which traffics a large portion of the illicit fentanyl that enters the United States. This brings the total number of targets sanctioned by Treasury for involvement in drug trafficking activities to almost 250 in the last two years alone.
In Mexico, Secretary Yellen will engage Mexican government counterparts to further close cooperation on fentanyl trafficking and meet with banking leaders in Mexico to advance Treasury’s work with the private sector to curb illicit finance tied to fentanyl. Secretary Yellen’s visit to Mexico follows today’s launch of the Treasury Counter Fentanyl Strike Force, which brings together personnel, expertise, intelligence, and resources across key Treasury offices into a coordinated and streamlined operation to combat the trafficking of illicit fentanyl. It also builds on the joint commitment made by the U.S. and Mexico in October to intensify efforts to combat illicit drug trafficking, particularly of synthetic drugs such as fentanyl.
In her meetings and engagements, Secretary Yellen will also focus on deepening the U.S.- Mexico economic relationship, and advancing collective efforts to create reliable, secure supply chains that span the United States and Mexico. She will emphasize that our economies are intertwined and that continued economic cooperation can create good-paying jobs across North America and increase economic security for both nations. And Secretary Yellen will discuss the benefits of greater coordination on financial and regulatory policy, as well as efforts to explore improving the connectivity between the U.S. and Mexican payments systems.
Bilateral goods and services trade between the U.S. and Mexico exceeded over $850 billion in 2022, and Mexico became the United States’ largest goods trading partner this year. Exports to Mexico, from electrical machinery to plastics, benefit American workers and firms by supporting more than 1 million American jobs. And, American manufacturers and consumers gain from having resilient North American supply chains, which makes us more competitive globally.
Wednesday, December 6
At 9:00 AM CST / 10:00 AM EST, Secretary Yellen will tour a Fiscalía General de la República crime lab, where she will discuss the U.S. and Mexico’s close partnership in combatting crime, illicit finance, and deadly drugs like fentanyl.
At 10:30 AM CST / 11:30 AM, Secretary Yellen will deliver remarks on the decisive action Treasury is taking – as part of the Biden-Harris Administration’s broader efforts and in collaboration with the Mexican government – to counter illicit financing tied to fentanyl. These remarks are open press. Media interested in covering these remarks should contact [email protected]. More details to follow.
At 11:00 AM CST / 12:00 PM EST, Secretary Yellen will participate in a roundtable with Mexican business executives, where she will highlight the strength of U.S.-Mexico relationship and discuss the economic opportunity continued bilateral cooperation can create for both nations. There will be an extended press spray to cover the Secretary’s opening remarks.
At 2:45 PM CST / 3:45 PM EST, Secretary Yellen will participate in a bilateral meeting with Victoria Rodríguez Ceja, Governor of the Central Bank of Mexico. There will be a photo spray at the start of this meeting.
At 3:30 PM CST / 4:30 PM EST, Secretary Yellen will participate in moderated discussion with female economics students and economists. Governor Rodríguez Ceja will also join. This event, which will take place at the Banco de México, will be pooled press due to space constraints. Media interested in covering this event should contact [email protected].
At 4:30 PM CST / 5:30 PM EST, Secretary Yellen will deliver remarks at an event launching a 20-peso coin commemorating the bicentennial anniversary of U.S. Mexico bilateral relations, which commenced in December 1822 under President James Monroe. Ambassador Salazar and Governor Rodríguez Ceja will also participate. This event at the Interactive Museum of the Economy is open press. Media interested in covering this event should contact [email protected].
At 5:30 PM CST / 6:30 PM EST, Secretary Yellen will host a roundtable discussion with leaders of financial institutions operating in Mexico and members of the Mexican Banking Association on illicit finance. During the event, Secretary Yellen will hear directly from these leaders about their collective efforts to prevent illicit finance tied to fentanyl and other shared illicit finance priorities. Secretary Yellen will also underscore the importance of continued collaboration between government and private sector to advance this important work. Secretary of Finance and Public Credit Rogelio Ramírez de la O of Mexico will also participate. There will be an extended press spray to cover opening remarks from Secretaries Yellen and de la O.
Thursday, December 7
At 8:30 AM CST / 9:30 AM EST, Secretary Yellen will participate in a bilateral meeting with Secretary of Finance and Public Credit Rogelio Ramírez de la O of Mexico at the Palacio Nacional. This meeting is closed press.
At 10:30 AM CST / 11:30 AM EST, Secretary Yellen will participate in a bilateral meeting with President Andres Manuel Lopez Obrador of Mexico at the Palacio Nacional.
At 12:00 PM CST / 1:00 PM EST, Secretary Yellen will participate in a press conference with Secretary of Finance and Public Credit Rogelio Ramírez de la O of Mexico at the Palacio Nacional. More details to follow.