Talks have started to establish a new trade and investment regime between the EU and Mexico, aiming not only to modernise the existing deal, but also to broaden its scope, to reflect similar agreements that both sides have since negotiated with other partners.
Trade relations between the EU and Mexico are currently subject to the provisions of a Free Trade Agreement (FTA) adopted under a wide-ranging Economic Partnership, Political Co-ordination and Co-operation Agreement signed in 1997.
Mexico was one of the first countries with which the European Communities established diplomatic relations over 50 years ago.
The EU is now Mexico’s second biggest export market after the USA, with the main goods exported from the Central American country to the Union being mineral products, machinery and electric equipment, transport equipment, and optic photo precision instruments.
The main services exported by Mexico are in the travel, sea transport, air transport and construction sectors.
Exports going in the other direction include machinery and electric equipment, chemical products, transport equipment and mineral products; services exported to Mexico are mainly in the travel, sea transport, air transport and computer and information services sectors.
The EU is Mexico’s third largest source of imports (8% of foreign trade) after the USA (67%) and China (9%).
It is anticipated that a new deal will further reduce customs tariffs and provide EU businesses with more opportunities to provide services, participate in public procurement and invest in Mexico.
Speaking at the launch of the negotiations, Trade Commissioner Cecilia Malmström described them as a new page in the history of EU-Mexico relations. For more information about EU-Mexico trade, see theEC Tradewebsite.
