Mexico, European Union conclude trade negotiations

MEXICO CITY (AP) — Mexico and the European Union successfully concluded negotiations on a new, updated trade agreement, the two sides said Tuesday.

The pact must still be approved by both sides, and will include provisions on investment protection and government purchasing.

Mexico’s Economy Department said Tuesday the pact will contribute to economic recovery after the coronavirus pandemic.

The E.U. said in a statement that practically all trade in goods between the EU and Mexico will now be duty-free.

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The E.U. is Mexico’s third-largest trading partner, with $75.5 billion in annual commercial exchanges. In 2019 Mexico had a $27 billion trade deficit with the E.U.

E.U. Trade Commissioner Phil Hogan said “Openness, partnerships and cooperation will be even more essential as we rebuild our economies after this pandemic.”

His office said that “EU-Mexico trade in goods has more than tripled since the entry into force of the original agreement in 2001.”

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