The European Union and Mexico aim to expand their cooperation, particularly in light of numerous global crises, with their first bilateral summit in 10 years.
The EU and Mexico, after 10 years of negotiations, are set to sign the modernized version of their 2000 trade and cooperation agreement on Friday. The agreement aims to further reduce tariffs and trade barriers and update the framework for bilateral cooperation.
"This is about more than just trade. It is a geopolitical statement," said EU High Representative Kaja Kallas in Mexico City after a meeting with Mexican Foreign Minister Roberto Velasco on Thursday.
Velasco spoke of the beginning of a new phase in bilateral relations against the backdrop of major global challenges.
Kallas said that while "Europe and Mexico cannot end global uncertainty … together, we can reduce its impact and shape the future of our own." This "sends a clear message" that both sides are reliable partners, Kallas added.
The world's most populous Spanish-speaking country, with a population of 130 million, is becoming an increasingly important trading partner for the EU. In turn, the EU is Mexico's second-largest export market after the United States. Annual bilateral trade volume amounts to about $100 billion.
Around 80% of Mexican exports go to the United States, whose economy has become more protected under the administration of US President Donald Trump through the introduction of tariffs.
European Commission President Ursula von der Leyen and European Council President António Costa are also travelling to Mexico City for the signing of the new agreement.
They will also meet with President Claudia Sheinbaum at the bilateral summit, where the leaders are set to discuss deepening cooperation. In addition to trade, the global agreement also covers issues such as climate change, human rights and international cooperation.
