Mexico and the EU renew free trade pact

Both parties resolved the last pending agreements, all of them related to economic matters

This Tuesday, Mexico and the European Union announced that they have completed the process of modernizing their free trade agreement, managing to finalize these negotiations after announcing an initial agreement two years ago, thus bringing the moment of its ratification closer.

In a positive way, both nations agreed that European companies will be able to access the “contracting markets of 14 Mexican states that represent 64% of Mexican GDP” as sources from Brussels indicated to AFP, assuring that it is the first time that Mexico opens its shopping market in the districts.

It is important to highlight that these negotiations have been taking place since May 2016, although they were officially announced in April 2018, an agreement that “in principle” has had as its main objective to modernize the trade agreements in force since 2000 and since then submits to a legal examination.

The European Commissioner for Trade, Phil Hogan, assured that “once it enters into force, this agreement will help both the EU and Mexico to consolidate our respective economies and boost employment.”

The ratification process in the EU is expected to start in the first quarter of 2021, as indicated by the rapporteur of the pact in the Eurochamber, Inmaculada Rodríguez Piñero, who considers this agreement to be the most ambitious and modern that the EU could sign. “It is the first time that the trade agreement includes provisions in the fight against corruption. The Mexican side was very interested in the experience of the EU.”


Source: bancaynegocios

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