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New EU-Mexico trade agreement to benefit agricultural exports

New EU-Mexico trade agreement to benefit agricultural exports

Commissioner Hogan went on to say that the agreement proved "yet again" the value of the European Union leading from the front globally in promoting open and rules-based trade.

Such deal was made between Brussels and Mexico 21 years ago in 1997, which concerned manufactured goods.

The EU and Mexico said their agreement had been reached after "months of intense negotiations". 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.

In turn, Mexican exporters will benefit from the removal of tariffs on products such as orange juice, tuna, honey and agave syrup.

However, if confirmed, the expanded EU-Mexico deal will come very close to achieving full free movement of goods and liberal free movement of services without Mexico becoming an EU member or signing up to EU member obligations with respect to open borders and budget contributions, or submission to the European Court of Justice. The countries expect the deal to be finalized by the end of the year. "Today's agreement also sends a strong message to other partners that it is possible to modernize existing trade relations when both partners share a clear belief in the merits of openness, and of free and fair trade". Business between the two countries was worth €1.7 billion to Ireland in 2016.

In May 2016, the European Union and Mexico launched negotiations to modernise the agreement, including rules on trade.

The EU is Mexico's third biggest trading partner, and Mexico, with 128 million people, is the EU's second biggest trading partner in Latin America after Brazil.

Mexico's biggest trade partner is the U.S. The two do United States $525 billion in trade annually, in goods and services.

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