Photo: Getty Images EU Commissioner for trade Cecilia malmström and Minister of economy of Mexico Ildefonso, Guajardo

The agreement will allow the country to expand markets and strengthen its role as one of the priority partners of the EU, said Mexican President Enrique peña Nieto.

The European Union and Mexico have reached “agreements in principle” on a new agreement on free trade, wrote to Mexican President Enrique peña Nieto on Twitter. According to him, the new agreement will allow Mexico to “expand markets” and to strengthen its position as a “priority partner” of one of the most important economic blocks in the world.

The parties in favor of “open and fair trade, which is based on the rules,” said European Commissioner for trade Cecilia malmström and Minister of economy of Mexico Ildefonso, Guajardo.

The EU is Mexico’s third largest trading partner after the US and China, writes Reuters . Between 2000 and 2015 the trade turnover between Mexico and the EU grew more than two times.

The agreement will lead to zero customs duties on some agricultural products of Mexico and will help diversify exports, said in a joint statement of the Ministry of economy and the Ministry of foreign Affairs of Mexico. Agreement the new agreement is “a signal to the world” about the significance of the “open market,” reads the document.

Next week, the EU intends to begin free trade negotiations with MERCOSUR (the economic Union of countries in Latin America). In December 2017 the European Union has also concluded a free trade agreement with Japan.

Source: Russian service of DW

 

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