EU and Mexico conclude negotiations for new trade agreement

Yesterday afternoon, the European Union and Mexico concluded the last outstanding element of the negotiation of their new trade agreement.Trade Commissioner Phil Hogan and Mexican Minister of Economy Graciela Márquez Colín – in their phone call – 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.Commissioner for Trade, Phil Hogan, said: “While most of our efforts have been focused lately on tackling the coronavirus crisis, we have also been working to advance our open and fair trade agenda, which continues to be very important.

Openness, partnerships and cooperation will be even more essential as we rebuild our economies after this pandemic. 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.”

Mexico is the EU’s number one trade partner in Latin America with bilateral yearly trade in goods worth €66 billion and trade in services worth another €19 billion. Under the new EU-Mexico agreement, practically all trade in goods between the EU and Mexico will be duty-free.

The agreement also 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.

Daniel Rosario –