Negotiators have successfully finalized the modernization of the EU’s Global Agreement with Mexico, following extensive discussions between Maroš Šefčovič, the EU’s Commissioner for Trade, and Marcelo Ebrard, Mexico’s Secretary of Economy.
This achievement marks a significant step in enhancing political dialogue, cooperation, and economic relations between the two entities.
The newly modernized agreement establishes a robust framework aimed at generating fresh economic opportunities for both parties.
It is expected to notably boost EU agri-food exports to Mexico while promoting shared values and sustainable development principles.
Furthermore, the agreement emphasizes the joint commitment of the EU and Mexico to uphold human rights, multilateralism, and international peace.
It aims to facilitate strategic cooperation on pressing geopolitical issues, adapting to rapidly changing global circumstances, including supply chain resilience and climate change initiatives.
These collaborative efforts are anticipated to enhance business competitiveness on both sides while pursuing the common goal of achieving a net-zero economy.
The agreement also addresses critical areas such as sustainable development, organized crime, migration, and gender equality.
Ursula von der Leyen, President of the European Commission, remarked,
“Today, Europe and Mexico are taking a major step forward in their partnership.
The EU and Mexico are trusted partners. We aim to deepen our collaboration, benefiting our economies and people.
This landmark agreement illustrates how open trade fosters prosperity, security, and sustainable development.
I eagerly anticipate working with President Sheinbaum to realize this Agreement’s potential.”
The trade component of the Agreement is set to significantly strengthen the existing EU-Mexico trade relationship.
In 2023, trade in goods reached €82 billion, while services trade amounted to €22 billion in 2022, positioning Mexico as the EU’s second-largest trading partner in Latin America.
This new agreement unlocks various business opportunities, actively supporting the EU’s green transition and digital transformation efforts.
It aims to expand EU services exports in critical sectors, bolster local supply chains for essential raw materials, and remove non-tariff barriers to ensure fair competition regarding Intellectual Property Rights.
EU firms will gain equal access to Mexican government contracts. Additionally, European investments in Mexico will receive strong encouragement and protection.
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The agreement presents significant prospects for EU farmers and agri-food exporters, as Mexico relies heavily on EU agri-food imports.
The EU will eliminate tariffs as high as 100% on vital exports, including cheese, poultry, and wine.
The expansion of protection for 568 iconic European products through Geographical Indications will benefit producers significantly.
Streamlined procedures will expedite processes and reduce costs for agri-food exports, enhancing market access for these products.
The agreement includes a comprehensive chapter that addresses trade and sustainable development, emphasizing their importance for future growth.
This chapter establishes legally binding commitments regarding labor rights and environmental protection, along with a specific dispute resolution process to ensure adherence to these commitments.
Civil society organizations will play an essential role in monitoring and advising on the execution of the agreement.
The agreement enhances EU-Mexico dialogue on shared principles, emphasizing human rights, democracy, and the rule of law.
It also addresses critical issues, including drugs, organized crime, and migration challenges faced by both regions.
It aims to strengthen multilateralism through active participation in discussions within the UN, WTO, and G20.
Looking ahead, both the EU and Mexico will initiate their respective procedures for concluding and ratifying the agreement, following final legal revisions.
In the coming days, we will publish official documents outlining the agreement online for public access.
Since its inception in 2000, the Economic Partnership, Political Coordination, and Cooperation Agreement has governed EU-Mexico relations.
This global agreement shapes political, trade, and cooperation efforts between the European Union and Mexico effectively.
Since 2008, the EU has recognized Mexico as a strategic partner, strengthening diplomatic and economic ties between them.
Negotiators began discussions for the modernized global agreement in May 2016, aiming to create an inclusive future framework.
They focused on addressing climate change, human rights, and comprehensive trade issues, setting an ambitious agenda for negotiations.
