At a summit in Mexico City, the European Union and Mexico agreed to deepen their political and economic cooperation with the signing of a modernised global and interim trade agreement.
“Today’s modernised Agreements set out our shared vision of the future and will deliver many benefits for both sides”, said the EU Commission president Ursula von der Leyen: “We will boost trade and investment to support jobs and growth, and cooperate across a range of policy areas. Together we will shape a better future for our citizens and the planet, by finding common ground on upholding global institutions, driving clean growth, and promoting human rights and gender equality.”
The summit reaffirmed commitments to multilateralism and the rules-based international order. And the leaders pledged to coordinate closely on the promotion of peace and security, the reform of global governance institutions and the defence of human rights.
The EU and Mexico’s trade relationship is already worth €100 billion a year in goods and services, says the Commission. The modernised agreement will boost this further by making it easier to export and invest in each other’s markets, as it creates:
- Increased opportunities for the EU agricultural sector, considering that Mexico is a net food importer with high tariffs. Under the new Agreement, Mexico will protect 232 spirits and an additional 336 European Geographical Indications on wines, beers and food;
- Stronger cooperation on the green and digital transitions, strengthening supply chains on critical raw materials;
- New possibilities for EU businesses to bid for Mexican government contracts on an equal footing with Mexican firms;
- New opportunities for services exports in key areas such as financial services, maritime transport, digital and professional services;
- Simpler rules for businesses, and increased regulatory cooperation between the EU and Mexico;
- Fewer barriers in e-commerce and increased cooperation in the digital field; and
- Reinforced rules to protect intellectual property rights and creators.
At the summit, the EU and Mexico reaffirmed their commitment to deepening the Global Gateway Investment Agenda with the EU supporting sustainable investments, decarbonisation, resilient value chains and inclusive economic growth in Mexico.
The Global Gateway Investment Agenda between the EU and Mexico facilitates more than €5 billion in European-supported investments across key sectors, including the energy transition, sustainable transport, health and pharmaceuticals, the circular economy, water and sanitation, sustainable agriculture, forests and biodiversity, and digital connectivity. European companies will also play a key role in the implementation of Plan Mexico’s objectives on railway development, circular economy and green finance.
The EU and Mexico also highlighted the Global Gateway social inclusion dimension, including gender equality and partnerships with civil society organisations. Ms von der Leyen announced a project worth over 4 million pesos in EU funding to support the empowerment of indigenous women in Mexico.
Finally, Mexico and the EU agreed to relaunch the EU-Mexico Digital Dialogue, with due regard to the EU-Latin America and Caribbean Joint Declaration on a Digital Alliance, as well as the CELAC-EU Santa Marta Summit Declaration. It will cover topics such as digital innovation, regulation and emerging technologies.
Modernised Global Agreement (MGA) and interim Trade Agreement (iTA):
