New Global Agreement Between Mexico and European Union Successfully Negotiated
SRE-SE Joint Press Release.- A new global agreement with the European Union has been successfully negotiated. It strengthens the political dialogue, boosts trade and investment and increases technical and scientific cooperation for the benefit of both societies.
Successful Conclusion of Negotiations for a New Global Agreement Between Mexico and European Union
April 21, 2018
On behalf of the Mexican government, the Ministries of Foreign Affairs and Economy announce the successful conclusion of negotiations for a new global agreement with the European Union. It includes political, economic and cooperation aspects to strengthen the political dialogue, boost trade and investment and increase technical and scientific cooperation for the benefit of both societies.
Again, as in 1997, when the Economic Partnership, Political Coordination and Cooperation Agreement (Global Agreement, in force since 2000) was concluded, Mexico and the European Union have written a new page in their history by negotiating the most advanced agreement of its type. In addition to including a strong section that adds new areas in which to promote trade and investment, thus strengthening our commercial and economic ties, it also includes political and cooperation aspects that will highlight both Mexico and the European Union as global actors for the benefit of their societies.
Mexico and the European Union share values such as democracy, human rights, and respect for the rule of law, free trade and multilateralism.
The new treaty’s trade pillar increases the benefits of trade between Mexico and the European Union, particularly in the agrifood sector. Tariffs will be eliminated on Mexican products such as orange juice, tuna, honey, agave syrup, ovoalbumin and fruits and vegetables, among others. Sensitive products, such as apples, peaches and dairy products were also protected. This will benefit consumers while diversifying our exports.
In addition, our trade now covers more services by including telecommunications and the temporary entry of people and services involved with the digital economy. Furthermore, protections for investments are stronger, and include a modern dispute resolution mechanism.
Since 1999, one year before entry into force of the Mexico-European Union Free Trade Agreement, trade has quadrupled. The European block has contributed 38% of FDI in Mexico, or USD 184.636 billion, between 1999 and 2017.
Conclusion of this new agreement between Mexico and the European Union sends a strong message to the world about the importance of keeping markets open, working together multilaterally to face our global challenges and cooperating to benefit humanity’s causes.