New trade agreement between the EU and Mexico
On April 28, the European Commission published a press release informing about the conclusion of negotiations to reach a new trade agreement between the EU and Mexico.
Once the negotiations are over, all that remains is the signature and ratification procedure.
Pending of the legal review of the agreement, it will practically imply almost all the suppression of customs duties in the trading of goods between both territories. However, since it is part of a broader Global Agreement, it includes other aspects that will have an impact, for example, on the provision of services, such as measures related to investment protection.
From the point of view of trading of goods, in addition to removing import duties, it also seeks to eliminate obstacles to the export of goods from the EU. This improvement in exports will have benefits for companies that manufacture: agri-food products, machines, mineral fuels and related products, pharmaceutical products and transport equipment.
On the other hand, regarding the provision of services, the aim is to prevent both territories from discriminating against the companies of the other party, so that this agreement i) will guarantee that the EU or Mexico can regulate their services markets in a non-discriminatory manner, and ii) it will not affect public services such as healthcare or education.
Once the agreement has been legally reviewed and the corresponding translations have been made, the European Commission will transmit it to the Council and the European Parliament for signature.