EU Parliament Ratifies Trade Deal with Mexico, Boosting Economic Ties

The European Parliament has overwhelmingly approved a modernized trade agreement with Mexico, set to significantly boost economic ties and cooperation between the two blocs. The pact, ratified with 474 votes in favor, 131 against, and 60 abstentions, eliminates tariffs on 99% of traded goods, promising greater access for both European and Mexican products.

Key provisions of the agreement include the reduction of tariffs on agricultural products. For instance, the EU will see tariffs slashed on 13,000 tons of pork, 20,000 tons of various cheeses, and 13,000 tons of dairy preparations, moving from a current 45% rate to 0%. Mexico will also eliminate its high tariffs on EU agri-food exports such as pasta, chocolate, confectionery, blue cheeses, and canned fruits, which currently face duties up to 20% or more.

Furthermore, the agreement ensures the protection of 568 European geographical indications, including renowned products like Rioja wine and Parma ham, preventing the sale of imitations. It also aims to improve access for European companies to public tenders in Mexico and dismantle trade barriers in sectors like financial services, transport, and raw materials.

Beyond trade, the modernized agreement deepens the EU and Mexico's commitment to collaboration in areas such as security, the fight against climate change, gender equality, and health. This comprehensive approach signals a strategic deepening of the EU's relationship with Latin America, following the provisional entry into force of the trade deal with Mercosur.

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The European Parliament has just voted in favor of two important agreements that deepen political cooperation and will unlock new opportunities for trade, investment, and employment on both sides of the Atlantic.