EU, Mexico Conclude Talks to Modernize Global Trade Agreement
Political negotiations on modernizing the EU's "global agreement" with Mexico have concluded, the European Commission said last week. The deal could put in place an "ambitious" framework to expand economic and political cooperation between the two sides, including around the "de-risking" of supply chains and securing a "sustainable supply of critical raw materials," the commission said.
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The trade pillar of the deal will help "grow EU services in key areas, such as financial services, transport, e-commerce, and telecommunications," while strengthening supply chains of local critical raw materials, the commission said. The deal also will eliminate non-tariff barriers, including intellectual property rights, give EU companies access to Mexican government contracts on an "equal footing with local companies" and encourage European investments in Mexico.
The EU added that the deal drops tariffs on EU agricultural products, such as cheese, poultry, pork, pasta, apples, jams, marmalades, chocolate and wine. Both parties also will make "legally binding commitments on labour rights, environmental protection, climate change and responsible business conduct," the commission said.
The deal still must be ratified by both sides.