The pact is yet to be approved by both sides and will include provisions to protect investment and government purchases. The treaty will contribute to the economic recovery following the COVID-19 pandemic.
In a statement, the EU said that virtually all trade in goods between the EU and Mexico would now be duty-free.
The EU is Mexico's third largest trading partner with $75.5 billion in annual commodities. Over the past year, Mexico had a $27 billion trade deficit with the EU.
EU, Mexico agree on tariff-free trade in goods
Mexico and the European Union successfully concluded negotiations for a new, updated trade deal, the two negotiating sides announced yesterday evening, the Associated Press reported, as quoted by BTA.tags:
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