EU and Mexico conclude talks on free trade deal
Mexico-EU
(BRUSSELS) - The EU and Mexico agreed Tuesday the exact scope of the reciprocal opening of each other's public procurement markets, concluding the last outstanding element of negotiations on their new trade agreement.
Following a phone conversation between EU Trade Commissioner Phil Hogan and Mexican Minister of Economy Graciela Marquez Colín over predictability and transparency in the public procurement processes, the EU and Mexico can now advance to signature and ratification of the agreement in line with their respective rules and procedures.
"Openness, partnerships and cooperation will be even more essential as we rebuild our economies after this pandemic," said Mr Hogan: "I am very pleased, therefore, that together with our Mexican partners, we share similar views and that our continued work could now come to fruition. Today's agreement is clear evidence of our shared commitment to advance our agenda of partnership and cooperation. This agreement – once in force – will help both the EU and Mexico to support our respective economies and boost employment."
Under the new EU-Mexico agreement, practically all trade in goods between the EU and Mexico will be duty-free. The agreement also now includes progressive rules on sustainable development, such as a commitment to effectively implementing the Paris Climate Agreement. It is also the first time that the EU agrees with a Latin American country on issues concerning investment protection. Simpler customs procedures will further help boost exports.
The broader Global Agreement, of which the trade agreement is an integral part, also covers the protection of human rights, as well as chapters on political and development cooperation. It will also be the very first EU trade agreement to include provisions to fight corruption, with measures to act against bribery and money laundering.
Mexico is the EU's number one trade partner in Latin America with bilateral trade in goods worth €66 billion and trade in services worth another €19 billion (respectively 2019 and 2018 data). EU goods exports exceed €39 billion a year. EU-Mexico trade in goods has more than tripled since the entry into force of the original agreement in 2001. The modernised trade agreement will help boost this strong historical growth.
The legal revision of the agreement is now being finalised. Once the process is concluded, the agreement will be translated into all EU languages. Following the translations, the Commission proposal will be transmitted for signature and conclusion to the Council and European Parliament.