Eu Mexico Trade Agreement 2018

Total trade between the EU and Mexico amounts to 62 billion euros for goods (2017) and 15 billion euros for services (2016). Exports of EU goods to Mexico amounted to 38 billion euros in 2017 and an additional 10 billion euros for services (2016). Currently, 400,000 jobs in the EU are linked, in one way or another, to EU exports to Mexico. Negotiations with Mexico began in May 2016 and the two sides reached an agreement in principle on the trade side in April 2018. While the agreement contains some of the most important elements of the agreement in principle, negotiators have yet to conclude technical details for some chapters. Mexico and the EU intend to continue technical discussions on the remaining issues in order to finalise the full legislation by the end of 2018. Both sides will then have to ratify the agreement. For the European Commission, the ratification process includes a legal review and translation of the agreement into all official EU languages and the approval of the European Parliament and the Council of the EU. The eighth round of negotiations took place in Mexico City from 8 to 7 January 2018. The ninth round of negotiations began on 12 February 2018 in Mexico City. On 21 April 2018, Mexico and the European Union concluded negotiations for a new global agreement.

The new agreement includes political, economic and cooperative aspects to strengthen political dialogue, boost trade and investment and strengthen technical and scientific cooperation between the two sides. Mexico and the European Economic Community (EEC) signed an agreement on 15 July 1975 to promote economic and trade relations. [1] [2] Mexico and the European Union (EU) have concluded a free trade agreement since 2000 and both benefit from significant investment flows. [3] The agreement also includes measures to prevent and combat corruption by punishing corruption. In April 2018, the EU and Mexico reached an “agreement in principle” on the trade side of a modernised global agreement between the EU and Mexico. In their trade agreement signed nearly 20 years ago, the EU and Mexico agreed on a substantial revaluation to exchange 99% of duty-free goods between them. The agreement must be ratified by the European Parliament and the Mexican Senate. The Economic Partnership, Political Coordination and Cooperation Agreement (Comprehensive Agreement), which sets out the objectives and mechanisms for liberalising trade in goods and services, was approved by the Mexican Senate on 20 March 2000 and by the European Parliament on 6 May 1999.

On 13 May 1996, the General Council of the European Union approved a mandate to negotiate an agreement with Mexico.