EU – Mexico Global Agreement
Mexico is one of the world’s more dynamic emerging economies, making its trade relationship with the European Union really important for us. In 2016 the EU was Mexico’s third largest source of imports and its second biggest export market.
Mexico imports from the UE machinery, transport equipment, chemical products, fuels and miming products; and exports there mining products, office and telecommunication equipment, transport equipment and other machinery.
On the trade of services, Mexico imports from the UE transport services and telecommunication, computer and information services; while the EU imports from them travel services and transport services.
Source: http://ec.europa.eu
The agreement between the European Union and Mexico was signed in 1997, with Mexico being the first Latin American country to sign an Economic Partnership, Political Coordination and Cooperation Agreement (known as Global Agreement) with the EU.
It came into force in 2000 and covers multiple topics, but we will highlight those regarding trade relations.
It is important to talk about how the trade provisions included in the agreement were developed later on into a Free Trade Agreement that covered trade in goods (that came into force in October 2000) and trade in services (October 2001).
This agreement was updated between 2013 and 2015 to keep up with the economic reality of both territories.
The goal of the agreement is to establish a framework to encourage the development of the reciprocal trade in goods and services. Since it came into action, the taxes applying to a large quantity of importing goods were eliminated or reduced.
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