European Union and Mexico sign new free trade deal

Apr 24, 2018, 06:45
European Union and Mexico sign new free trade deal

The EU said yesterday that it had reached an agreement that in principle would result in almost all trade between EU countries and Mexico being duty-free, including the agriculture sector. The agreement also introduces a new platform for dialogue with civil society in all areas of the agreement, and strengthens the EU's and Mexico's actions on sustainable development and climate change.

The European Union and Mexico have reached a new agreement on trade that has been described as a "very positive" step for the EU's agri-food sector.

Officials also say the agreement opens the door for companies in the European Union or Mexico to bid for government contracts overseas. The countries expect the deal to be finalized by the end of the year.

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EU Trade Commissioner Cecilia Malmström highlighted the speed with which the deal was reached.

The deal also allows for the European Union to "substantially" increase its pork exports to Mexico, with duty-free trade for virtually all pork products.

"We now open a new chapter in our long and fruitful relationship, boosting trade and creating jobs". The deal was first signed in 2000 - and the updated terms will include duty-free trade between the two countries in sectors like agriculture. "Our negotiators will now continue their work to resolve the remaining technical issues and finalize the full legal text so that our citizens and enterprises can start reaping its benefits as soon as possible". The latter is running a trade surplus of €14 billion (US $17 billion).

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This means Mexico won't have to rely on the US quite as much for global trade.

"Mexico is Ireland's largest trading partner in Latin America, accounting for over half of total merchandise trade with the region".

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