April 29, 2020

 

The European Union and Mexico finalise new trade talks

 


Both parties were seeking to update a 2000 trade record, which among goods and services included chicken from Mexico and dairy products from Europe, reported Reuters.

 

The EU and Mexico have agreed to grant reciprocal market access for both region's tenders for public contracts.

 

An initial deal was agreed two years ago, but a change in presidency in Mexico slowed down negotiations on finalizing public procurement matters in the deal.

 

Both European Trade Commissioner Phil Hogan and Mexican Economy Minister Graciela Marquez finalised the deal through telephone call.

 

The deal submission is expected to be complete by the end of this year, but could be delayed due to COVID-19 related restrictions.

 

The deal with the EU gives Mexico an alternate trade partner to the United States, which accounts for 80% of its exports.

 

For the EU, the new deal with Mexico adds to other agreements signed with Japan, and the Mercosur bloc of Argentina, Brazil, Paraguay and Uruguay. Trade tensions with the United States are ongoing.

 

-      Reuters