by Emmitt Barry, Worthy News Correspondent
(Worthy News) – The European Union and Mexico agreed on a new trade agreement on Friday just before President Trump assumes office on Monday, the Wall Street Journal reported.
Ahead of President-elect Trump’s threats of steep tariffs on both the EU and Mexico, the two regions have reached a trade agreement, pending approval from both governments. The deal would eliminate Mexico’s high tariffs on EU goods like cheese and wine, enhance European exports in financial services and e-commerce, strengthen supply chains for critical raw materials, and promote EU investment in Mexico. It would also provide EU companies access to Mexican government contracts and vice versa.
“The EU and Mexico are already trusted partners. Now, we want to deepen our cooperation even further, strongly benefiting our people and economies,” said Ursula von der Leyen, president of the European Commission, on Friday. “This landmark deal proves that open, rules-based trade can deliver for our prosperity and economic security, as well as climate action and sustainable development,” she added.
Mexico is the EU’s second-largest trading partner in Latin America, with trade in goods reaching 82 billion euros ($84.39 billion) in 2023. The new trade deal, which updates a previous agreement from 2000, will make a range of goods, particularly in agriculture and food, duty-free.
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