On Friday, May 22, the Modernized Global Agreement between Mexico and the European Union was ratified. The document will allow for the immediate elimination of tariffs on 86 % of agricultural goods and their gradual elimination for other products.

The signing took place in Mexico with the participation of the country’s president, Claudia Sheinbaum, the president of the European Commission, Ursula von der Leyen, and the president of the European Council, António Costa.

The agreement is finally a reality after years of negotiations “and signifies a new chapter in trade between the two regions, promising to open their markets through the reduction or elimination of tariffs.”

According to local sources, all quotas obtained by the EU under the International Trade Agreement (ITA) are tariff-free, “except for beef, for which the tariff will be phased out to zero seven years after the entry into force of the Modernized Global Agreement.”

It is important to clarify that a quota is a trade policy instrument “that establishes a maximum limit or amount for importing or exporting goods, generally with a preferential tariff, during a specific period.”

M.Pino

Source: porcicultura

(Reference image source: Fejuz on Unsplash)

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