EU, Mexico Complete Negotiations on Modernized Trade Deal
Mexico and the European Union have reached agreement on a new trade deal, they said April 28. The new deal, which will replace an existing free trade agreement between the countries that took effect in 2000, will eliminate more tariffs on trade between Mexico and the 27 EU member states, and include provisions on “simpler customs procedures,” the EU said in a press release.
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“Under the new EU-Mexico agreement, practically all trade in goods between the EU and Mexico will be duty-free,” the EU said. “The agreement also now includes progressive rules on sustainable development” and investment protection, and forms part of a broader “global agreement” with provisions against bribery and money laundering, the EU said.
With negotiations complete, the agreement now heads for legal review and translation into all languages of the EU member states, the Mexican Secretariat of Economy said in its press release. Once completed the deal will be sent for signature before it is presented for consideration by the legislatures of the EU and Mexico, the Mexican release said.