Mexico business opportunities abound thanks to a long list of competitive advantages. For one, Mexico is a huge economy, ranking 13th in the world in nominal terms (11th by purchasing power parity). Its labor force alone is roughly 78 million people strong, and is regularly ranked amongst the most productive per capita in the world. The economy contains rapidly developing modern industrial and service sectors, with increasing private ownership. As an export-oriented economy, more than 90% of Mexican trade is under free trade agreements (FTAs) with more than 40 countries, including the European Union, Japan, Israel, and much of Central and South America. The most influential FTA is the United States–Mexico–Canada Agreement (USMCA), a trilateral trade bloc with the United States and Canada.