EU and Mexico reach new trade agreement | KPMG | GLOBAL

EU and Mexico reach new trade agreement

EU and Mexico reach new trade agreement

Representatives of the European Union and Mexico on 21 April 2018 reached a new “agreement in principle” on trade as part of a broader, updated EU-Mexico global agreement.

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As noted in an EC release, under the new agreement, “[p]ractically all trade in goods between the EU and Mexico will now be duty-free, including in the agricultural sector.” There will be simpler customs procedures that will benefit certain sectors—such as pharmaceuticals, machinery, and transport equipment. The agreement also sets forth progressive rules on sustainable development, and it addresses climate change and includes measures to address corruption in the private and public sectors.

In certain areas, technical details still need to be completed. Negotiators intend to continue to work to resolve the remaining technical issues and complete the full legal text by the end of the year. 

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