Updated trade agreement between the European Union and Mexico
Mexico City, May 23 / WAM / The European Union and Mexico on Friday signed an updated version of their trade and cooperation agreement concluded in 2000, at the end of a decade of negotiations and pledged their commitment to multilateralism at the conclusion of a bilateral summit in Mexico City.
Under the updated agreement, Mexico will lift almost all remaining tariffs on EU imports, while bureaucratic trade barriers will be reduced, geographical indications will be protected and access to public procurement will be improved. The agreement also includes provisions covering digital trade, climate change and international cooperation.
Mexico is the eleventh trading partner of the European Union, and annual bilateral trade amounts to about 86 billion euros ($100 billion), of which about 53 billion euros are exports from the European Union to Mexico and 34 billion euros are imports from the Latin country.
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