The EU and Mexico concluded negotiations Friday to modernise their trade agreement, putting in place a more modern framework to deepen EU-Mexico cooperation and economic relations.
The agreement, following political engagement between Trade Commissioner Maros Sefcovic and Mexican Secretary of Economy Marcelo Ebrard, will create new economic opportunities for both sides, specifically including growth potential for EU agri-food exports to Mexico, while promoting ‘shared values and progressive rules on sustainable development’. It will also feature progressive rules to tackle corruption in the private and public sectors.
“The EU and Mexico are already trusted partners, said the Commission president Ursula von der Leyen: “Now, we want to deepen our cooperation even further, strongly benefiting our people and economies. EU exporters will gain new commercial opportunities, including our farmers and agri-food companies. 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.”
The trade pillar of the Agreement is expected to substantially boost an important trade relationship: EU-Mexico trade in goods reached €82 billion in 2023, while two-way trade in services reached €22 billion in 2022, making Mexico the EU’s second-biggest trading partner in Latin America.
The agreement should also create a wealth of opportunities for EU farmers and agri-food exporters as Mexico is a net importer of EU agri-food products.
The agreement sets out a joint EU-Mexico ambition to promote and protect human rights, multilateralism and international peace and security. The agreement facilitates strategic cooperation on key geopolitical issues, keeping up with fast-changing realities. This includes de-risking of supply chains, securing sustainable supply of critical raw materials, and tackling climate change.
Such efforts will support the competitiveness of businesses on both sides, while advancing the shared goal of achieving a net-zero economy. It also seeks to reinforce engagement on sustainable development, transnational organised crime, migration and gender equality.
Subject to final legal revision, the EU and Mexico will now proceed with their respective procedures for conclusion and ratification.
The official documents will be published online over the next days.
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