USA – The European Union and Mexico have finalized a modernized trade agreement, expected to significantly boost trade between the two regions.
The deal, which has been under negotiation for several years, was formally announced by the European Commission following recent talks in Brussels.
According to the Commission, the agreement aims to deepen political dialogue, strengthen cooperation, and enhance economic relations between the EU and Mexico.
It promises to create new economic opportunities for both sides and establish stronger rules to combat corruption.
The dairy sector has particularly welcomed the agreement. Eucolait, a European dairy organization, described it as an “important win” for the industry.
Under the deal, EU dairy products such as cheese and milk powders will benefit from duty-free tariff rate quotas, while yogurt and blue cheese will enjoy full, tariff-free access.
Jukka Likitalo, Secretary-General of Eucolait, highlighted Mexico’s significant growth potential as the second-largest dairy import market globally.
“This agreement will help the European dairy sector further diversify its exports and better capitalize on the Mexican market,” he stated.
The timing of this agreement is seen as crucial, particularly given the potential impact of anticipated trade restrictions by the United States.
By modernizing its relationship with Mexico, the EU aims to protect itself from potential trade disruption and reduce its reliance on other major economies.
“The agreement will tear down trade barriers and drive investment, supporting job creation and prosperity on both sides,” said Maroš Šefčovič, Commissioner for trade and economic security.
While the agreement has been finalized, it still requires formal approval by both the EU and Mexico before entering into force. This process is expected to take at least 18 months.
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