Mexico and the European Union agreed in January 2013 to conduct a feasibility assessment on the update of the bilateral free trade agreement (TLCUEM) and conducted the first round of negotiations on June 13, 2016 (April 21, 2016). On the other hand, the 10th round of negotiations was completed and it took as long as 1 year and 10 months.
Mexico's economic minister Ildefonso Guajardo and EU Trade Commissioner Cecilia Malmstrom jointly announced on April 21 this year that Europe and Mexico have reached an agreement on updating their bilateral free trade agreements. The Ministry of Economic Affairs of the Mexican State immediately issued a press release today, stating that Mexico has reached a comprehensive new agreement with the European Union covering political, economic, and cooperation fields, which will strengthen political dialogue between the two sides, promote trade and investment exchanges, and enhance scientific and technological cooperation.
The main updated contents of the agreement:
(i) Elimination of 99% of the trade tariffs on goods;
(b) According to the EU’s recent agreement with Canada, Singapore and Vietnam, a new investment judicial arbitration mechanism has been adopted to replace the previous investment country’s dispute settlement mechanism (ISDS) to protect investment and resolve investment disputes. This will be the Among the 12 free trade agreements signed, the first agreement to include a permanent investment arbitration court;
(叁) The EU has successfully protected geographical indications of up to 340 products;
(d) The states of the Mexican Federation may consult with the EU on relevant government procurement agreements;
(5) New anti-corruption chapters;
(6) Formulating relevant regulations for labor, environmental protection and SMEs;
(vii) Expanding open projects in the service sector, including telecommunications and transportation projects, and formulating e-business specifications.
The signing of the future of the agreement: The Mexican Foreign Trade Commerce Association (COMCE) stated that Mexico and Europe have reached a preliminary agreement and that negotiators will take about three months to negotiate the details of the technical level and the legal review of the text, and then sign it to each other's representatives. Submitted to the National Assembly for review and approval to take effect.
Mexico and the European Union completed the negotiations on bilateral free trade agreements in 1997 and entered into force in 2000. They have written a new page for each other and are the most advanced agreements at that time. Since the first year (1999) to 2017 of the agreement’s entry into force, bilateral trade between Mexico and the EU has increased fourfold. The European Union’s total foreign investment in Mexico is as high as 38%, amounting to US$18,846,600,000.
In the trade sector, the renewal of the agreement will help deepen trade with each other. In particular, in the agricultural sector, the EU will eliminate tariffs on orange juice, salmon, honey, agave syrup, egg albumin, fruits and vegetables, etc. The country has also successfully protected sensitive products including apples, peaches and dairy products, which will enhance the welfare of consumers and promote the export diversification of Mexico.
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