New trade agreement between the EU and Mexico

The European Commission announced last Saturday, that Mexico and the European Union had reached a new trade agreement. Further details will be published soon.

About three years ago it was decided to optimize the trade relations between Mexico and the European Union. After the US and China, the EU is the third most important trading partner for the Latin American country. In reverse, Mexico ranks 15th among the EU’s major trading partners in terms of volume. In particular, the new agreement should

  • facilitate the import and export of agricultural products
  • strengthen the import and export of pharmaceutical products and machinery
  • facilitate access to public tenders
  • and reduce Mexico’s dependence on the US.

The trading volume of both economies had more than doubled between 2000 and 2015 and amounts around 50 billion euros today.

 

(Foto: European Commissioner for Trade Cecilia Malmström and European Commissioner for Agriculture and Rural Development, Phil Hogan at the press conference on April 23rd 2018 in Brussels / Belgium.)