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Mexico and EU reach new trade deal

Mexico and the European Union reach deal “fit for the economic and political challenges” of this century
Mexico and EU reach new trade deal
Flags of Mexico and the European Union – Photo taken from @SE_mx
22/04/2018
11:08
Newsroom
Brussels
Inder Bugarin, Correspondant for EL UNIVERSAL
-A +A

Considered by the parties as “obsolete”, the Free Trade Agreement between Mexico and the European Union, which first came into effect 18 years ago, has finally been “updated” to face the latest global challenges.

This modernized deal is the result of talks which began in May 2016 and finally concluded this Saturday in Brussels in the presence of high-ranking officials such as Mexico's Minister of Economy, Ildefonso Guajardo and the European Union Commissioners Cecilia Malmström and Phil Hogan.

“In less than two years, the EU and Mexico have delivered a deal fit for economic and political challenges of the 21st century,” stated the EU Commissioner for Trade Cecilia Malmström.

“Trade can and should be a win-win process and today's agreement shows just that,” said the European Commission President, Jean-Claude Juncker.

The press release states the parties have confirmed their obligations under the Paris Agreement on climate change and that they have established “progressive rules” on sustainable development.

According to the information, the deal with Mexico is the first EU trade agreement to tackle corruption in the private and public sectors.

Some of its key features are openness in trade in services, investment protection (including a mechanism to settle disputes between investors and the State), participation in public procurement, intellectual property protection, and agricultural exports.

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