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EU and Mexico agree to accelerate talks for new FTA
13
Feb '17
The EU and Mexico have agreed to accelerate negotiation schedule for a new, reformed Free Trade Agreement (FTA). Last year, both parties had agreed to initiate negotiations to update the existing FTA signed in 2000. Global trade patterns have changed substantially during the 16-year period, pointing to the need for a broader and more far-reaching FTA.

As part of accelerated negotiation process, two rounds for the EU-Mexico trade negotiations will take place in April and June. This was agreed by EU commissioner for trade, Cecilia Malmström, and the minister of economy of Mexico, Ildefonso Guajardo. As part of the new schedule, the two also agreed to meet in Mexico City between these rounds to take stock and push negotiators for further progress.

“We will take our trade relations fully into the 21st century. We will be able to boost growth, making our firms more competitive and widening choices for consumers while creating jobs. Together, we are witnessing the worrying rise of protectionism around the world. Side by side, as like-minded partners, we must now stand up for the idea of global, open cooperation. We are already well underway in our joint efforts to deepen openness to trade on both sides. Now, we will accelerate the pace of these talks in order to reap the benefits sooner,” said Malmström and Guajardo in a joint statement.

The objective of the modernising process of FTA is to better mirror other ambitious trade deals that the EU and Mexico have negotiated lately, the EU website said.

Between 2005 and 2015, the yearly trade flow of goods between EU and Mexico has more than doubled from €26 billion to €53 billion, against the backdrop of the existing FTA. (RKS)

Fibre2Fashion News Desk – India


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