Agreement on the new agreement reached on 21 April
Photo: European Commission / Twitter
The European Union and Mexico have reached agreement on a new agreement on free trade area (FTA), announced on 21 April, the press service of the European Commission.
Almost all trade goods will now be duty-free, including in the agricultural sector.
“Among other things, the EU and Mexico are committed to effectively fulfil its obligations in the framework of the Paris climate agreement. This is also the first trade agreement with the EU, which will focus on combating corruption in the private and public sectors”, – stated in the message.
European Commission President Jean-Claude Juncker said that the new agreement is mutually beneficial.
“With this agreement, Mexico joins Canada, Japan and Singapore in a growing list of partners who want to cooperate with the EU in safeguarding an open, equitable and rules-based trade,” he said.
It is noted that most of this agreement will benefit European exporters of agricultural products, particularly poultry, cheese, chocolate, pasta and pork.
It is expected that by the end of the year the text of a new agreement finalize and solve all technical issues. After that, the European Commission will translate the document into all official EU languages and will convey to the approval of the European Parliament and the EU Council.
The current agreement on the FTA between EU and Mexico entered into force in 2000. During this period, merchandise trade grew by 148%. The preparation of a new agreement began in may 2016.
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