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US, Mexican leaders ready to wrap up massive trade deal

President Obama and Mexican President Enrique Pena Nieto will meet Tuesday to discuss concluding trade negotiations early this year on a massive agreement that spans from Latin America to Asia. 

Obama and Nieto, who will meet at the White House, are expected to discuss the dynamics of finishing the long-awaited Trans-Pacific Partnership (TPP) deal, which is in the final phase of talks. 

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"We think that there's a chance to get this done in the relatively near future," a senior administration official said Monday on a conference call with reporters. 

Officials said the two leaders would focus on the mechanics of completing the agreement and what barriers remain between the 12 participating countries.

The officials said that the TPP would provide economic benefits to both nations and that Obama and Nieto have expressed their desire to get it done soon. 

The high-level meetings between U.S. and Mexican officials also are expected to include a broad swath of economic topics from energy production to immigration.

Trade with Mexico is about $500,000 billion a year with many fruits and vegetables among other products crossing the southern border in the the United States.

About 40 percent of the value of U.S. imports from Mexico are derived from American content.

"So our economies are deeply integrated, and faster growth and improved competitiveness in either country benefits the other one in a real and profound way," one official said.