Just one month after the European Commission signed the trade agreement with Mercosur, the European Union (EU) and Mexico took another step in their bilateral relations by concluding negotiations on Friday (17.01.2025) to update their trade agreement. This instrument, which will replace the one in force since 2000 once it is signed and ratified, marks an important step forward between both parties, according to the statement released.
In this regard, the president of the European Commission, Ursula von der Leyen, stressed that this new agreement "will deepen economic cooperation, benefit citizens and businesses, and promote climate action and sustainable development."
Boosting trade and sustainability
According to official information, bilateral trade in goods between the EU and Mexico reached €82 billion in 000, and this agreement will further expand trade opportunities. Agreed benefits include:
- Elimination of tariffs on European products such as cheese, meat, wine and chocolate.
- Access for European companies to public contracts in Mexico on equal terms.
- Promoting digital trade and protecting investments.
- Supporting the green and digital transition with rules that promote sustainability.
In addition, the agreement will eliminate tariffs of up to 100% on key agricultural products and simplify procedures for agri-food exports. It will also protect 568 Geographical Indications for European products. A relevant aspect is found in the new annex to the “Trade and Sustainable Development Chapter”, which establishes legally binding commitments in areas such as labour rights, environmental protection, climate change and responsible business conduct.
A specific dispute resolution procedure will also be implemented to ensure the effective application of these provisions. This agreement represents a step forward in relations between the European Union and Mexico, consolidating open trade, based on rules and with benefits for both parties.
In this regard, the agreement has also been praised by the Chairman of the European Parliament's Trade Committee, Bernd Lange, who stressed: "This announcement is a positive signal in times of growing protectionism and threats to the international trading system."
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