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6406 08 Jul 2024

Signing of a Memorandum of Understanding (MOU) Between World Travel & Tourism Council (WTTC) and the U.S. Mexico Foundation (USMF)

Travel & Tourism is set to contribute 3tn to the region in 2024.

London, UK: In a significant milestone, the World Travel & Tourism Council (WTTC) and the U.S.-Mexico Foundation (USMF) have announced the signing of a Memorandum of Understanding (MOU) to enhance cooperation in North America's tourism sector.

This historic agreement underscores the commitment of both organisations to foster sustainable growth and innovation in the Travel & Tourism sector across North America a valued at approximately USD 3 trillion. 

The cooperation between WTTC and USMF is expected to yield numerous benefits for the Travel & Tourism sector in North America, highlighting the huge benefits and opportunities across Canada, U.S. and Mexico.

By leveraging their combined expertise and resources, both organisations will be able to leverage their positions to influence policy decisions and strategic initiatives aimed at boosting the region's tourism economy.

Additionally, the collaboration seeks to advance public-private sector cooperation between the U.S. and Mexico and promote innovation, entrepreneurship, and investment opportunities related to Travel & Tourism in the region.

According to the WTTC’s Economic Impact Research (EIR), the Travel & Tourism sector has shown remarkable resilience and growth potential. 

In 2023, the sector's total GDP contribution in North America was USD 2.64 trillion, reflecting a strong recovery from the pre-pandemic level of USD 2.75 trillion in 2019. Employment in the sector also rebounded, with 27.06 million jobs in 2023 compared to 26.21 million jobs in 2019.

Looking ahead, the sector is projected to continue its growth trajectory. 

By 2024, the total GDP contribution is expected to reach more than USD 2.9 trillion, with employment rising to more than 28 million jobs. 

This positive trend is set to accelerate, with forecasts indicating that by 2034, the Travel & Tourism sector will contribute USD 3.64 trillion to North America's GDP and support 32.5 million jobs. 

Julia Simpson, President & CEO of WTTC, commented on the partnership: “We are thrilled to partner with the U.S.-Mexico Foundation to drive growth and sustainability in North America's Travel & Tourism sector. 

“This MOU represents a significant step towards enhancing our cooperation and achieving our shared goals.”

Enrique Perret, U.S.-Mexico Foundation Managing Director, said: “The economic relationship in North America has a profound impact on the lives of more than 500 million inhabitants in the three countries. 

“Tourism and people connectivity are clear examples of what can be achieved. This agreement between our organizations will help bring out the potential of the region as an economic and tourism powerhouse.”

The EIR also highlights significant growth in visitor spending. 

In 2023, international visitor spending in North America was USD 258.7 billion, recovering from USD 280.1 billion in 2019. By 2024, this figure is expected to increase to USD 395.9 billion, showcasing the region's attractiveness as a global travel destination. Domestic visitor spending is also anticipated to rise, further supporting local economies and businesses.

This partnership is poised to strengthen the ties between the U.S. and Mexico, promoting greater cooperation and understanding through the lens of Travel & Tourism.

 

About the World Travel & Tourism Council

The World Travel & Tourism Council (WTTC) represents the global Travel & Tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world's leading travel & tourism companies from all geographies covering all industries. 

For more than 30 years, WTTC has been committed to maximising the inclusive and sustainable growth potential of the Travel & Tourism sector by partnering with governments, destinations, communities, and other stakeholders to drive economic development, create jobs, reduce poverty and foster peace, security, and understanding in our world. For more information, visit wttc.org

 

About the U.S.-Mexico Foundation

The U.S. Mexico Foundation (USMF) is a binational non-profit organization dedicated to fostering cooperation and bilateral understanding between the United States and Mexico. Rooted in the North America Free Trade Agreement, the organization was founded in 2001 and began operations in 2004 with seed capital from the David & Lucile Packard Foundation, Carnegie Corporation and FUNDEMEX. For more information, visit www.usmexicofoundation.org.