In a landmark collaboration, the World Travel & Tourism Council (WTTC) and the U.S.-Mexico Foundation (USMF) have signed a Memorandum of Understanding (MOU) aimed at enhancing cooperation and fostering sustainable growth within North America’s Travel & Tourism sector. This strategic partnership is poised to elevate the region’s tourism economy, projected to contribute an impressive USD 3 trillion by 2024.
A Historic Agreement for Sustainable Growth
This historic agreement underscores the dedication of both WTTC and USMF to promoting innovation, entrepreneurship, and investment opportunities in the Travel and tourism sector. These organizations can influence policy decisions and strategic initiatives to drive the region’s tourism economy forward by pooling their expertise and resources.
Julia Simpson, President and CEO of WTTC expressed her enthusiasm about the partnership, stating, “We are thrilled to partner with the U.S.-Mexico Foundation to drive growth and sustainability in North America’s Travel and Tourism sector. This MOU represents a significant step towards enhancing cooperation and achieving shared goals.”
Enrique Perret, Managing Director of USMF, echoed this sentiment, highlighting the economic and social impact of the agreement: “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.”
Economic Impact and Growth Projections
According to WTTC’s Economic Impact Research (EIR), North America’s Travel & Tourism sector demonstrated remarkable resilience in 2023, contributing USD 2.64 trillion to the region’s GDP. This reflects a robust recovery from the pre-pandemic of USD 2.75 trillion in 2019. Employment in the sector also saw a positive rebound, with 27.06 million jobs in 2023, up from 26.21 million in 2019.
Looking ahead, the sector’s growth trajectory remains strong. By 2024, the total GDP contribution is expected to exceed USD 2.9 trillion, with employment rising to more than 28 million jobs. Projections for 2034 are even more optimistic, with the Travel & Tourism sector anticipated to contribute USD 3.64 trillion to North America’s GDP and support 32.5 million jobs.
Advancing Public-Private Sector Cooperation
The WTTC and USMF collaboration aims to enhance public-private sector cooperation between the U.S. and Mexico, promoting greater understanding and strategic alignment through Travel and Tourism initiatives. This partnership will also focus on boosting international and domestic visitor spending, which is crucial for sustaining local economies and businesses.
In 2023, international visitor spending in North America reached USD 258.7 billion, showcasing a recovery from USD 280.1 billion in 2019. By 2024, this figure is expected to soar to USD 395.9 billion, reflecting the region’s enduring appeal as a global travel destination. Domestic visitor spending is also projected to rise, further bolstering local economic growth.
The Road Ahead
This MOU between WTTC and USMF marks a significant milestone in the journey towards sustainable tourism and economic prosperity in North America. By fostering collaboration, innovation, and strategic investments, this partnership is set to unlock new opportunities and drive the region’s Travel & Tourism sector to unprecedented heights.
As the world looks to recover from the economic impacts of the pandemic, initiatives like this serve as a beacon of hope and a blueprint for sustainable growth. The combined efforts of WTTC and USMF will not only enhance the travel experience for millions of visitors but also contribute significantly to the economic well-being of North America’s diverse communities.
Conclusion
The WTTC and USMF partnership represents a bold step forward in realizing the full potential of North America’s Travel & Tourism sector. With a shared vision of sustainable growth and innovation, this collaboration is set to impact the region’s economy and solidify its position as a premier global travel destination.
For further details on the WTTC and USMF collaboration, visit the World Travel & Tourism Council and U.S.-Mexico Foundation.
Written by: Jason Smith
