The European Union announced on Friday that the bloc of countries and Mexico have concluded negotiations to modernize their bilateral global agreement, talks that began in 2016.
This comes days before the return to office of US President-elect Donald Trump, who has threatened both sides with tariffs.
“We have finalised the modernisation of our global agreement with Mexico. This is a real opportunity to unlock new opportunities for our businesses and consumers, and to strengthen our economic security,” announced the European Trade Commissioner, Maros Sefcovic, on the X network.
In April 2020, the European Union and Mexico finalised technical negotiations on public procurement, which were the only ones pending following the conclusion in 2018 of the agreement in principle on the trade part of the modernised Global Agreement between the European Union and Mexico.
But since then, neither side has signed the new pact, which is the first step to begin the ratification process.
Under the terms agreed in 2020, virtually all trade in goods will be tariff-free, including agricultural products such as Mexican chicken and asparagus and European dairy products.
The deal, for example, would also cut Mexican tariffs by up to 20% on cheeses such as gorgonzola and boost EU pork exports, the Commission said.
It will also allow Mexican companies to bid for government contracts in Europe and EU companies for those in Mexico, including at the state level.
