LatinNews Daily - 23 May 2022

In brief: Talks for Mexico-UK FTA underway

*Mexico’s economy ministry (SE) has announced negotiations for a new free trade agreement (FTA) between Mexico and the UK, following the UK’s 2020 exit from the European Union (EU). Mexico’s economy minister, Tatiana Clouthier, launched negotiations alongside the UK’s international trade secretary, Anne-Marie Trevelyan, at a meeting in London. The UK’s current trade agreement with Mexico is based on the EU-Mexico trade agreement, which is pending ratification after being renegotiated in April 2020. The SE said the agreement would strengthen bilateral trade “in areas of mutual interest such as agricultural goods and services”, as well as modernising rules related to investment and intellectual property and provisions on issues related to small and medium-sized businesses (SMEs), gender and innovation. The first official round of negotiations will take place in Mexico City (CDMX) in July, with a second round scheduled for autumn. The aim is for negotiations to conclude within two years. According to the SE, the UK is currently Mexico’s 16th largest trading partner worldwide and its 8th largest investor.

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