On July 1, 2000, Mexico and the European Union (EU) signed a comprehensive free trade agreement (FTA) that came into effect on October 1, 2000. The EU-Mexico Trade Agreement 2000, as it is commonly known, is a landmark agreement that opened up new opportunities for trade and investment between the two regions.
The agreement was negotiated over a period of six years and covers a wide range of topics, including trade in goods, services, and investment. It aims to reduce trade barriers between Mexico and the EU and promote economic growth and job creation.
One of the key features of the agreement is the gradual elimination of tariffs on goods traded between the two regions. Over a period of ten years, all tariffs on industrial and agricultural products have been eliminated, allowing for greater access to each other’s markets. This has been a huge boost to businesses on both sides, as it has made it easier and more cost-effective to trade with each other.
The agreement also includes provisions on intellectual property protection, government procurement, and sustainable development. It promotes the use of environmentally-friendly technologies and practices, and encourages companies to operate in a socially responsible way.
In addition to the economic benefits, the EU-Mexico Trade Agreement 2000 has had a positive impact on political relations between the two regions. It has strengthened ties and cooperation in areas such as human rights, democracy, and the fight against organized crime.
Overall, the EU-Mexico Trade Agreement 2000 is a significant achievement for both Mexico and the EU. It has created new opportunities for businesses, increased competition, and facilitated economic growth. It serves as a model for other countries and regions looking to promote trade and cooperation.