Mexico says new EU trade deal is 'paramount'

By Elliot Bullman

A new free trade agreement with the European Union is of "paramount" importance for Mexico and both parties aim to conclude a deal this year, Mexico's deputy economy minister has said.

Mexico and the 28-nation bloc are holding a third round of negotiations this week to upgrade an existing accord dating from 2000 that principally just cut tariffs on industrial goods.

TLC europa mexico

Juan Carlos Baker, deputy minister for foreign trade, said that right now there is no other trade issue, more important for Mexico than this one.

Back in 2015, the two parties agreed to modernize their trade relations and subsequently held two rounds of talks last year. The election of U.S. President Donald Trump has prompted Mexico's to reduce its reliance on trading with the U.S.

TLC europa mexico 3

Now with EU-U.S. trade talks also frozen, the European Union has turned its focus to sealing deals with three other partners - Japan, Mercosur and Mexico.

Brussels is particularly keen on scoring successes on the trade front to show it is moving on from Britain's exit from the bloc and to prove it is a champion of free trade.

TLC europa mexico 4

Most free trade agreements (FTA) take years, but the EU and Mexico already have an existing FTA since 2000, with a number of products already tariff-free. Baker says he is optimistic that a deal could be struck this year.

The European Union is Mexico's third largest trading partner after the United States and China. EU-Mexico trade in goods more than doubled from 2000 to 53 billion euros ($57.23 billion) in 2015.

RELATED NEWS

  • US Sports stars round on US presidentUS Sports stars round on US president
  • At least 16 nations rally to Mexico’s aidAt least 16 nations rally to Mexico’s aid
  • Political parties will donate electoral budget to earthquake victimsPolitical parties will donate electoral budget to earthquake victims
  • Corruption and impunity, the biggest challenge for 2018Corruption and impunity, the biggest challenge for 2018
  • CDMX toughens rules for transport apps; goodbye to UberpoolCDMX toughens rules for transport apps; goodbye to Uberpool
  • At least 217 dead after powerful earthquake hits central MexicoAt least 217 dead after powerful earthquake hits central Mexico
  • The surprising change of mood in 2017The surprising change of mood in 2017
  • Hurricane Hurricane 'Irma' will cause more cruise demand for Mexico
  • Merida, Yucatan fast becoming an industrial powerhouseMerida, Yucatan fast becoming an industrial powerhouse
  • Manpower predicts biggest recruitment surge in Mexico for 20 yearsManpower predicts biggest recruitment surge in Mexico for 20 years
  • 676,241 formal jobs are created between January and August 2017676,241 formal jobs are created between January and August 2017
  • Apple suffers Apple suffers 'major iPhone X leak'
WATCH LIVE TV



Most Read Articles
Most Watched Videos
  • Generations Riviera Maya
  • Mayair

Language

Mexico News Network
All rights Reserved 2017