Mexico, EU Revamp Trade Agreement Ahead of Trump Inauguration
Mexico City, Mexico - Mexico and the European Union (EU) announced a revised trade agreement that aims to boost economic ties and investment. This announcement comes days before the inauguration of U.S. President-elect Donald Trump, who has threatened to impose tariffs on Mexican imports.
The new Global Trade Agreement will reduce Mexican tariffs on agricultural and food imports from Europe and remove barriers for European businesses investing in Mexico. It will also increase Mexican exports of raw materials to the EU.
"We have entered a new era in our strategic partnership with Mexico today," said Kaja Kallas, Vice President of the European Commission. "Our upgraded agreement shows the EU and Mexico united for freer trade and an open global economy."
The agreement is intended to facilitate strategic cooperation on geopolitical issues. While it may help mitigate potential losses from disrupted U.S.-Mexico trade, EU-Mexico trade remains a small portion of Mexico's trade with the United States.