On Friday, January 17th, the European Commission and Mexico concluded negotiations to update a joint trade agreement that first entered into force 25 years ago.
“EU exporters will gain new commercial opportunities, including our farmers and agri-food companies,” European Commission President Ursula von der Leyen said in a press release.
“This landmark deal proves that open, rules-based trade can deliver for our prosperity and economic security, as well as climate action and sustainable development,” she added.
In 2023, the European Union and Mexico traded goods worth €82 billion ($84.6 billion), while trade in services reached a volume of €22 billion (22.6 billion USD) in 2022.
Mexico is the EU’s second-biggest trading partner in Latin America after Brazil.
Under the revised agreement, tariffs on certain agricultural products from the EU are to be removed and Mexico is to recognize more protected European geographical indications.
“EU farmers and food and drink producers already export over €2 billion worth of products to Mexico. This modernized global agreement with Mexico will open up and guarantee them even greater market shares and opportunities,” said EU Agriculture Commissioner Christophe Hansen.
The commission also expects growth in other export markets including financial services, transport, and telecommunications as well as access to Mexican government contracts.
The revised agreement now has to be scrutinized by the European Parliament and capitals before it can be ratified.
TYT Newsroom
