The European Union and Mexico reached a preliminary agreement on a new FTA

On 21 April, the European Union (EU) and Mexico reached a preliminary agreement on a new bilateral Free Trade Agreement after nine rounds of technical negotiations lasting nearly two years.

In a joint statement, EU Commissioner for Trade Cecilia Malmstrom, EU Commissioner for Agriculture and Rural Development Phil Hogan and Mexican Economy Minister Ildefonso Guajardo said that compared to the old agreement in 2000, the FTA upgrading between the two sides has added agricultural products, services, investment, public procurement, labor standards and environmental protection. EU Commissioner Malmstrom has confirmed that the new agreement is a sign that the EU and Mexico not only create economic potentials but also signal to the world that they are open to the business community. to trade "openly, fairly, and sustainably." The announcement by the Mexican Ministry of Economy stresses that modernizing the FTA with the EU is an important part of the trade path of the Central American country, with a view to strengthening integration with traditional trading partners and Diversify economic relations around the globe. Mexico and the EU signed the FTA in 2000 and began modernizing in 2016. The EU is Mexico's third largest trading partner after the United States and China. Meanwhile, Mexico is the 12th most important importer of the EU.   According to statistics, EU-Mexico trade turnover tripled to nearly $ 62 billion a year last year, with a surplus of $ 14 billion tilted towards the EU. On the other hand, foreign direct investment (FDI) from the EU accounted for almost 36% of total FDI inflows into Mexico