The European Union and Mexico have signed an updated trade and cooperation agreement following a decade of negotiations.
European Commission President Ursula von der Leyen and European Council President António Costa traveled to Mexico City as part of a broader EU delegation for talks with Mexican President Claudia Sheinbaum.
اضافة اعلان
Amid growing global uncertainty and the protectionist trade policies pursued by the United States under President Donald Trump, the EU and Mexico are seeking to diversify their trade partnerships.
The summit, the first in ten years between the EU and Latin America's second-largest economy, aimed to bolster bilateral relations.
"In a time marked by increasing turbulence and profound transformations, we have chosen to expand, deepen, and modernize our strategic partnership bonds," the summit's final declaration stated.
Together, the EU and Mexico form a market encompassing more than 580 million people. Under the updated agreement, Mexico will lift nearly all remaining tariffs on EU imports, while bureaucratic trade barriers will be reduced, geographical indications protected, and access to public procurement improved. The agreement also includes provisions covering digital trade.
In addition to trade issues, the agreement contains provisions regarding climate change, human rights, and international cooperation. The two sides also signed an interim trade agreement that will remain in effect until the full ratification process within the EU is complete and the broader global agreement enters into force.
It is worth noting that Mexico is the EU's eleventh-largest trading partner. Annual bilateral trade stands at approximately €86 billion ($100 billion), including around €53 billion in EU exports to Mexico and about €34 billion in imports from the Latin American nation.
AP
