Mexico and the European Union have reached an agreement on a new trade agreement that virtually eliminates tariffs in mutual trade.
The voluminous document will simplify customs procedures and eliminate tariffs on "virtually all" products traded between EU member states and Mexico, reports the US TV network CNN (CNN), citing a statement from the European Commission published on Saturday.
Representatives of Mexico and the EU announced last year that they would speed up negotiations to update the trade agreement signed in 2000, as the United States threatened to impose tariffs on Mexican goods and withdraw from the North American Free Trade Agreement (NAFTA).
CNN assesses that Mexican and EU officials "appear to be hitting back at US President Donald Trump's measures with statements praising the agreement as a defense of 'open' and 'rules-based' trade."
"Mexico and the EU worked together and reached a mutually beneficial solution. We did it as partners who are ready to talk to defend their interests, and who are at the same time ready to compromise in order to meet the expectations of the other side," said the president of the European Commission. Jean-Claude Juncker.
The agreement, according to American television, represents a step forward for Mexico from relying on trade with the United States.
Officials also say that the agreement opens the door for companies in the European Union or Mexico to participate in tenders for government contracts abroad, as well as to regulate labor, safety and environmental protection standards, reports Tanjug.
The details of the agreement will be subject to further negotiations before it is made official.
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