Mexico is a federal presidential republic, located in North America. The president is both chief of state and head of government. Legislative powers are vested in bicameral National Congress consisting of the 128-seat Senate and 500-seat Chamber of Deputies. Mexico is the 12th largest economy in the world (by GDP PPP), but is ranked on 90th by GDP per capita. The economy has become increasingly oriented toward manufacturing since the North American Free Trade Agreement entered into force in 1994. However, the country also remains among the biggest oil producers and exporters in the world. Mexican economy is highly integrated with the United States, which buys 81% of Mexican goods. United States is also Mexico’s key supplier of goods, accounting for 47% of total imports. Total external trade volume is 36% of GDP. The central bank, Banco de Mexico (BoM), pursues an inflation-targeting approach to monetary policy and maintains a free floating exchange rate regime. Economic weaknesses include: high exposure to the U.S. economy, sensitivity to oil prices, income inequality and poverty.