EU and Mexico Revamp Ties: A New FTA in the Making

Written by | Wednesday, June 1st, 2016

The European Union and Mexico yesterday (30 May) opened a new chapter in their mutual relations by launching a new series of new trade and investment negotiations. EU Commissioner for Trade, Cecilia Malmström, met with the Secretary of Economy of Mexico, Ildefonso Guajardo Villarreal, to discuss the options to mirror other ambitious agreements that the EU and Mexico have negotiated with other partners. Yesterday’s meeting has established a plan for reaching an agreement that will utilize the full potential of EU-Mexico trade and investment relations.

Mrs Malmström said that she was very glad to see “another initiative taking shape from our ‘Trade for All’ strategy announced last year”. The Commissioner is convinced that the talks will open a new page in the history of EU-Mexico relations. “We want to broaden the scope of the agreement and deepen the level of mutual openness to boost our growth, make our firms more competitive, create new and better jobs, and widen choice for consumers,” she said. Both sides intend to hold the first round of negotiations in Brussels already by mid-June.

Brussels and Mexico City think that there is a need today to make more progress on cutting customs tariffs and offering businesses more opportunities to provide services, make investments and participate in public tenders. As global trade patterns have changed since the existing agreement came into force more than 15 years ago, the relationship between trade, sustainable development and human rights also needs to be better addressed. Mexico is an important partner for the EU. It was one of the first countries that established diplomatic relations with EU institutions more than 50 years ago. It was also the first Latin American economy to sign an agreement for an economic partnership and cooperation with the EU.

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