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LatinNews Daily - 24 May 2021

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In brief: Mexico and UK to begin negotiations for upgraded trade deal

* The United Kingdom (UK) government has announced that it is to begin negotiations for an upgraded trade deal with Mexico this year, focused on “creating even greater opportunities for UK businesses in industries of the future such as digital, data and services”.  Last year Mexico and the UK signed a Trade Continuity Agreement following the UK’s departure from the European Union (EU). At the time the UK government said the agreement will “particularly benefit the automotive, pharmaceutical, textiles, agriculture, food and drink industries and other manufacturing industries – the sectors where the UK has the highest amount of trade with Mexico”. It added that both “countries have also committed to start negotiating a new and ambitious free trade agreement…which will go much further than the existing deal”. According to figures from Mexico's economy ministry from December 2020, bilateral trade is worth "over US$5bn annually".