The European Union and Mexico concluded the last outstanding element of their negotiations of a new trade agreement on Tuesday and plan to advance to the signature and ratification phases. Under the new EU-Mexico agreement, practically all trade in goods between the EU and Mexico will be duty-free. A trade deal with Mexico could make it much easier for European producers to export to Mexico and see up to over €100 million a year in tariffs progressively removed, primarily on food and agricultural products and seafood, according to the EU. The agreement also includes “progressive rules on sustainable development, such as a commitment to effectively implementing the Paris climate agreement. It is also the first time that the EU agrees with a Latin American country on issues concerning investment protection. Simpler customs procedures will further help boost exports,” said EU officials in a statement. “While most of our efforts have been focused lately on tackling the coronavirus crisis, we have also been working to advance our open and fair trade agenda, which continues to be very important. Openness, partnerships and cooperation will be even more essential as we rebuild our economies after this pandemic,” said EU Commissioner for Trade Phil Hogan. Mexico is the EU's No. 1 trade partner in Latin America with bilateral trade in goods worth €66 billion. EU-Mexico trade in goods has more than tripled since the entry into force of the original agreement in 2001. Mexico was the first country in Latin America to sign a global agreement with the EU in 1997. The EU and Mexico started the negotiations for this updated agreement in May 2016.
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