On 21 April 2018, the European Union and Mexico reached a political consensus in the negotiations for a modernisation of the EU-Mexico Global Agreement.
said: “By updating our free , we are sending a strong message for free and fair global trade”. The EU is headed in the right direction: our strategy is openness towards the world, not isolation. And our success shows that this strategy is paying off. By modernising our trade agreement, we are strengthening ties with a key partner in Latin America. This will create jobs and prosperity on both sides of the Atlantic.”
The EU-Mexico Global Agreement has been in place since 2000. The modernisation of the agreement means that practically all trade in goods between the EU and Mexico will be duty-free. At the same time, both countries will adopt high labour and health standards. The agreement also sets out measures for combatting corruption.
A number of technical details remain to straightened out in several parts of the agreement. Scrutiny of the text of the agreement is to begin by the end of the year. Once this step has been completed, the agreement will be presented to the European Parliament and the Council. The EU Member States then need to ratify it.
Mexico is Germany’s second-most important trading partner in Latin America, second only to Brazil. In 2016, bilateral trade stood at €16.3 bn. Since the Global Agreement entered into force in 2000, trade between the EU and Mexico has grown by approximately 8% each year.