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May 01, 2020

EU and Mexico conclude negotiations of a new trade agreement

The European Union (EU) and Mexico concluded the last outstanding element of the negotiation of their new trade agreement on April 28.

EU Trade Commissioner Phil Hogan and Mexican Minister of Economy Graciela Márquez Colín agreed on the exact scope of the reciprocal opening of public procurement markets and a high level of predictability and transparency in public procurement processes.

With this, the EU and Mexico can advance to the signature and ratification of this agreement in line with their respective rules and procedures.

Under the new 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 EU and Mexico started the negotiations for this new, modernised agreement in May 2016. They reached an agreement in principle two years later, in April 2018, leaving for further discussion some outstanding technical issues. Those are now fully agreed.

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