The new agreement was signed in Mexico City, Mexico. The newly signed agreement expands the framework for trade cooperation that began in 2000, adding areas such as services, digital trade, investment, public procurement, and agricultural products.
According to Mexico's Ministry of Economy , the agreement could help increase the country's exports to the EU from the current $24 billion to $36 billion by 2030. Both sides will also eliminate tariffs on almost all goods, including many agricultural products.
The move comes as both Mexico and the EU seek to diversify their export markets, amid increasingly unpredictable US trade policies.
According to statistics, over 80% of Mexico's exports currently go to the US market. Meanwhile, by 2025, the EU will be Mexico's third-largest trading partner, after the US and China.
Last year, Mexico exported approximately 33.9 billion euros (equivalent to 38 billion USD) worth of goods to the EU, mainly consisting of machinery, household electrical appliances, minerals, and transport vehicles.
The EU is currently the second largest foreign investor in Mexico, after the US. In 2024, total European investment in Mexico reached €206.6 billion, while Mexican investment in Europe reached €24.6 billion.
The Mexican government expects the new agreement to boost exports to the EU by approximately 50% by 2030, particularly in the automotive, medical equipment, manufacturing, machinery, technology components, and agricultural food sectors.
The strengthening of Mexico-EU relations is taking place against a backdrop of increasing trade uncertainty due to the protectionist policies of US President Donald Trump, along with the upcoming review of the US-Mexico-Canada Trade Agreement (USMCA/T-MEC).
For Mexico, strengthening ties with Europe is seen as a way to diversify markets and mitigate risks from unilateral decisions from Washington.
Source: https://vtv.vn/mexico-eu-ky-hiep-dinh-thuong-mai-tu-do-100260524104020878.htm
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