Videgaray is currently in Chile's Vina del Mar to take part in a meeting with representatives of 12 TPP nations along with China, Colombia and South Korea, which will focus on trade cooperation in the Asia-Pacific region in the wake of the US decision to leave the deal.
The minister called the four-nation Pacific Alliance, currently chaired by Chile, a possible tool for an alternative free trade platform.
"The Pacific Alliance is an interesting platform with great potential in terms of greater integration and trade," he said.
Mexico has been seeking alternatives to the TPP in promoting its access to world markets. In February, Mexico’s Economy Secretary Ildefonso Guajardo said his country was planning to extend its current trade agreement with the European Union, adding that free trade negotiations have also been launched with Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam.
In February 2016, 12 Pacific countries signed the TPP agreement, however, the deal remained unratified by the United States and most other signatories. On January 23, 2017, US President Donald Trump signed an executive order withdrawing the United States from the TPP and therefore putting the future of the project into question.