All rights reserved. 3. Please take a moment to review these changes. They contain slightly different provisions. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. The UK has signed a trade agreement with Mexico. The modernised trade agreement will help boost this strong historical growth. EU-Mexico Agreement in Principle: Procurement Posted on April 24, 2018 by Jean Heilman Grier On April 21 st , the European Union announced that it had reached an agreement in principle with Mexico on a new trade pact, which upgrades an existing agreement. Practically all trade in goods between the EU and Mexico will now be duty-free, including in the agricultural sector. Trade agreements differ depending on their content: 1. Twitter Feed. After nearly two years, Mexico and the European Union (EU) have concluded negotiations of a new trade agreement. Here’s the deal: what the EU-Mexico trade agreement means for both parties. The Mexican government announced that the accord would offer the opportunity to diversify “our” exports and attract investment in … In 2019, the EU was Mexico's second-biggest export market after the US. The new agreement, once ratified, will replace the existing EU-Mexico Global Agreement. Key EU exports to Mexico include machinery and appliances, transport equipment, chemical products, and base metals. The EU-Mexico Global Agreement, including the existing trade agreement, is the legal basis of this partnership. In 2016, the EU and Mexico decided to modernise the EU-Mexico Global Agreement in a comprehensive and ambitious manner. Details of the published texts and the Agreement in principle. #3 EU-Mexico Association Agreement. The EU-Mexico FTA provides each party with guaranteed non-discriminatory access to certain procurement markets of the other. According to the EC release, the new EU-Mexico trade agreement is to provide that practically all trade in goods between the EU and Mexico would be duty-free.The agreement includes: Progressive rules on sustainable development, such as a commitment to effectively implementing the Paris climate agreement The two sides reached an agreement in principle on the trade part in April 2018, complemented by commitments on public procurement in April 2020. In 1997, Mexico became the first country in Latin America to sign an Economic Partnership, Political Coordination and Cooperation Agreement (Global Agreement) with the EU. Negotiations and agreements; More information on EU-Mexico trade relations The deal could have significant long-term economic implications for both entities . For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact: Doug Zuvich Partner and Global Practice Leader T: 312-665-1022 E: dzuvich@kpmg.com, John L. McLoughlin Principal and East Coast Leader T: 267-256-2614 E: jlmcloughlin@kpmg.com, Andy Siciliano Partner and National Practice Leader T: 631-425-6057 E: asiciliano@kpmg.com, Steve Brotherton Principal and Global Export and Sanctions Leader T: 415-963-7861 E: sbrotherton@kpmg.com, Luis (Lou) Abad Principal, Washington National Tax T: 212-954-3094 E: labad@kpmg.com, Irina Vaysfeld Principal T: 212-872-2973 E: ivaysfeld@kpmg.com, Amie Ahanchian Principal T: 202-533-3247 E: aahanchian@kpmg.com, Christopher Young Principal T: 312-665-3229 E: christopheryoung@kpmg.com, Gisele Belotto Managing Director T: 305-913-2779 E: gbelotto@kpmg.com, George Zaharatos Principal T: 404-222-3292 E: gzaharatos@kpmg.com, Andy Doornaert Managing Director T: 313-230-3080 E: adoornaert@kpmg.com, Jessica Libby Managing Director T: 612-305-5533 E: jlibby@kpmg.com. Unless otherwise mentioned “EU” concerns for all indicated years the current European Union of 27 Member States. KPMG International provides no audit or other client services. Mexico also commits to enter negotiations with its states to open some of their procurement to EU firms by the time the agreement is signed. Since the last time you logged in our privacy statement has been updated. The EU-Mexico Agreement is undergoing the necessary internal procedures on both sides, culminating in the signature and conclusion of the Agreement. Once the process is concluded, the agreement will be translated into all EU languages. Agreements. A political agreement was found on 21 April 2018. The European Union and Mexico have negotiated a new agreement on trade, as part of a broader, modernised EU-Mexico Global Agreement. The agreement in principle struck today brings the EU's trade relationship with Mexico into the modern era, tearing down most of the remaining barriers to trade. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. According to the EC release, the new EU-Mexico trade agreement is to provide that practically all trade in goods between the EU and Mexico would be duty-free. Free Trade Agreements (FTAs) - enable reciprocal market opening with developed countries and emerging economies by granting preferential access to markets 3. Free Trade Agreement between Mexico and the European Union (FTA EU-MX), is a trade agreement between the European Union and Mexico. The legal revision of the agreement is now being finalised. … Trade in agricultural products is covered in three bilateral agricultural agreements negotiated between the respective EFTA State (Iceland, Norway and Switzerland) and Mexico. After Brazil, Mexico is the second largest Latin American trading partner with the EU. Such services are provided solely by member firms in their respective geographic areas. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006. The EU and Mexico have negotiated an updated free trade agreement, removing tariffs on almost all goods. The new EU-Mexico Free Trade Agreement (FTA) is important for Mexico in that it is a part of the country’s strategy to decrease its reliance on commerce with the United States. The announcement was made in April and, once ratified, the pact will replace the existing EU-Mexico Global Agreement, which entered into force in 2000. Negotiations with Mexico started in May 2016. Mexico and the European Union (EU) have had a free trade agreement since 2000 and the two benefit from high investment flows.. The EU- Mexico FTA and the Mexico – EFTA- FTA offer great business opportunities, derived from its market size and the wealth of its population. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. The KPMG logo and name are trademarks of KPMG International. New EU-Mexico agreement: The Agreement in Principle and its texts. EU-Mexico trade in goods has more than tripled since the entry into force of the original agreement in 2001. The EU and Mexico meet regularly to discuss issues and best practices relating to the implementation of the Trade Decisions under the Global Agreement. EU-Mexico trade in goods has more than tripled since the entry into force of the original agreement in 2001. The EU was Mexico's third-largest source of imports in 2019, after the US and China. The Commission’s response to the SIA’s findings and recommendations are in this Position Paper. For quick bites of information, follow our twitter feed @SIA_EUMexico, getting you all of your EU-Mexico GA SIA updates in 150 characters! We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. The last outstanding element was the scope of the opening of their public procurement markets. EU-Mexico trade in goods has more than tripled since the entry into force of the original agreement in 2001. You will not receive KPMG subscription messages until you agree to the new policy. Joint Committee, special committees and other bodies’ meeting reports, More information about accessibility options, 20 years since the Global Agreement entered into force, Trade defence measures in force in Mexico, the EU's overall political and economic relations  with Mexico. These agreements form part of the instruments establishing the free trade area and are subject to the relevant disciplines for trade in goods in the main agreement. In 1997 Mexico was the first country in Latin America to sign an Economic Partnership, Political Coordination and Cooperation Agreement (Global Agreement) with the EU. The EU's key imports from Mexico are transport equipment, machinery and appliances, mineral products, and optical/photographic instruments. The necessity to replace the old agreement is justified by two reasons, namely the importance to include within the document aspects which go beyond trade and … No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. EU and Mexico conclude negotiations for trade agreement, Progressive rules on sustainable development, such as a commitment to effectively implementing the Paris climate agreement, Measures on issues concerning investment protection. Proudly powered by Weebly. The agreement includes: Mexico is the EU's number one trade partner in Latin America. Click anywhere on the bar, to resend verification email. Association Agreements (AAs) - bolster broader political agreementsThe EU also enters into non-preferential trade agreements, as part of broader deals … This new EU-Mexico trade agreement aims to be more wide-ranging and ambitious than its younger predecessor. We want to make sure you're kept up to date. As for foreign direct investment, the EU is the second largest investor in Mexico after the US. Negotiations with Mexico on modernising the EU-Mexico Global Agreement started in June 2016. Mexico has two trade agreements with groups of European nations. The Global Agreement’s trade provisions later developed into a comprehensive Free Trade Agreement, covering trade in goods and trade in services. You will not continue to receive KPMG subscriptions until you accept the changes. During the EU-Community of Latin American and Caribbean States Summit of 2013, leaders decided to explore the options for a comprehensive update of the Global Agreement. Mexico Free Trade Agreement (EU-Mexico FTA). Practically all trade in goods between the EU and Mexico will now be duty-free, including in the agricultural sector. Total trade between the EU and Mexico currently stands at a total of € 79 billion. Read the existing impact assessment on the EU-Mexico Global Agreement's trade pillar and other related publications to inform yourself and your contributions. An agreement in principle with Mercosur countries was reached in June 2019, however this is subject to approval by the Council and European Parliament.