The European Union and Mexico on Friday signed a modernized version of their 2000 trade and cooperation agreement, capping a decade of negotiations and pledging their commitment to multilateralism at the end of a bilateral summit in Mexico City.
European Commission President Ursula von der Leyen and European Council President António Costa travelled to Mexico City as part of a broader EU delegation for talks with Mexican President Claudia Sheinbaum.
Amid growing global uncertainty and the protectionist trade policies pursued by the United States under President Donald Trump, the EU and Mexico are seeking to diversify trade partnerships.
The summit, the first between the EU and Latin America's second-largest economy in a decade, was aimed at strengthening bilateral relations.
"At a time marked by increasing turbulence and profound transformations, we have chosen to expand, deepen and update the bonds of our Strategic Partnership," the final declaration of the summit states.
Together, the EU and Mexico form a market of more than 580 million people. Under the modernized agreement, Mexico will lift almost all remaining tariffs on EU imports, while bureaucratic trade barriers are to be reduced, geographical indications protected and access to public procurement improved. The deal also includes provisions covering digital trade.
In addition to trade issues, the agreement also includes provisions on climate change, human rights and international cooperation. The two sides also signed an interim trade agreement that will remain in force until the full ratification process within the EU is completed and the wider global agreement can take effect.
Mexico is the EU's 11th-largest trading partner. Annual bilateral trade amounts to around €86 billion ($100 billion), including roughly €53 billion in EU exports to Mexico and nearly €34 billion in imports from the Latin American country.
