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The European Union (EU) and Mexico have signed a new trade deal targeted at reducing tariffs on goods from Mexico and EU member-states.
The deal was signed on Friday during the EU-Mexico Summit by Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen.
The updated agreement expands a previous accord from 2000 and seeks to eradicate remaining barriers to trade and investment, especially in sectors such as auto parts.
Sheinbaum has stressed the importance of “opening other horizons” at a time when both Mexico and the EU are grappling with US President Donald Trump’s tariff offensive.
A European Union official, speaking to AFP on condition of anonymity, said: “Mexico wants to reduce its dependence on its northern neighbour, but also on Asian, or rather, Chinese, supply chains, and in Europe we are pursuing the same objectives.”
Speaking regarding the trade deal, EU foreign policy chief Kaja Kallas said the agreement will open new opportunities for both economies. She added that it will help “both economies to compete globally” and build on the momentum of the past decade, which has seen a 75 percent leap in EU-Mexican trade.
