Also simpler customs procedures will further benefit the EU’s industry, including in sectors like pharmaceuticals, machinery and transport equipment.
The agreement lays down progressive rules on sustainable development. Among other things, the EU and Mexico have committed to effectively implementing their obligations under the Paris Agreement on climate change. It will also be the first EU trade agreement to tackle corruption in the private and public sectors.
Growth in trade between EU and Mexico
Since the previous EU-Mexico trade agreement came into force in 2000, trade between the EU and Mexico has risen at a rate of around 8% per year, resulting in an overall increase of 148% in trade in goods over the period.
Despite these positive results, there was still a wide margin for improving the trade relationship that the new agreement is addressing, by making virtually all trade in goods duty-free.
For more information about this trade agreement, please read the article of the European Commission: 'EU and Mexico reach new agreement on trade'. And to learn more about the negotiation process please check out this handy factsheet.
Source: European Commission