LatinNews Daily - 29 April 2020

In brief: Mexico and EU update trade agreement

*Mexico and the European Union (EU) have announced the conclusion of the last outstanding element of the negotiation of their new updated bilateral trade agreement. The two sides began negotiating an updated trade agreement in May 2016, reaching an agreement in principle in April 2018, which has now been fine-tuned. The final negotiations concerned the exact scope of the reciprocal opening of public procurement markets. Under the updated EU-Mexico agreement, practically all trade in goods between the EU and Mexico will be duty free. The updated agreement includes measures to fight corruption and money laundering as well as investment protection, sustainable development in line with the Paris Climate Agreement, and simpler customs rules to boost bilateral exports. Mexico was the first country in Latin America to sign a trade agreement with the EU in 1997 and bilateral trade in goods has more than tripled since it came into effect in 2001. According to EU data, Mexico is currently the EU’s top trade partner in Latin America, with bilateral trade in goods reaching €66bn (US$72bn) in 2019, while trade in services was worth €19bn in 2018.

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