Europe EU and Mexico modernize trade agreement
Shortly before US President Donald Trump takes office, the European Union and Mexico are deepening their trade relations. The modernization of the bilateral free trade agreement, which has been under negotiation since 2016, has been completed, announced EU Commission President Ursula von der Leyen.
17.01.2025, 18:00
17.01.2025, 18:01
SDA
Against the backdrop of the import duties that Trump wants to impose on both European and Mexican goods, the new version of the agreement is intended to strengthen economic and political cooperation between the EU and Latin America's second-largest economy.
Tariffs on certain EU goods are to be abolished
"Exporters from the EU will have new business opportunities, including our farmers and companies in the agri-food sector," said von der Leyen. Among other things, tariffs on EU products such as cheese, pork, chocolate and wine are to be abolished, according to an EU statement. In addition to trade, the global agreement also covers issues such as climate change, human rights and international cooperation.
Federal Economics Minister Robert Habeck emphasized that the further reduction of trade barriers and the agreement on even better rule of law standards are strong signals for free trade and international cooperation - especially in times of increasing isolation. "It is now important to carry out the necessary formal steps quickly so that both sides can quickly benefit from the agreement," said the Green politician.
The free trade agreement between the EU and Mexico has been in force since 2000. Mexico is the EU's second largest trading partner in Latin America. The annual trade volume amounts to around 82 billion euros. Around 80 percent of Mexican exports go to the USA.
