The MGA will eliminate further tariffs, which will boost trade and investment and create great opportunities for Mexican companies to export to and invest in the EU, said Antonio Costa, President of the European Council, in his address to the Mexican Senate yesterday.
Mexico and the EU today signed the Modernised Global Agreement (MGA) and the Interim Agreement on Trade (ITA) in Mexico City.
The MGA will eliminate further tariffs, which will boost trade and investment and create great opportunities for Mexican firms to export to and invest in the EU.
The main improvements under the new MGA and ITA agreements are the removal of tariffs and non-tariff obstacles to trade.
Costa and Ursula von der Leyen, President of the European Commission, met Mexican President Claudia Sheinbaum for the eighth EU-Mexico summit.
In 2025, EU-Mexico trade was valued at over €86 billion, roughly €53 billion in exports and over €34 billion in imports. The EU was Mexico’s third-largest trading partner after the United States and China, and its second-largest export market.
In January 2025, the EU and Mexico concluded negotiations to modernise their trade agreement. On May 11 this year, the Council adopted decisions authorising the signature of the two EU-Mexico agreements.
The main improvements under the new MGA and ITA agreements are the removal of tariffs and non-tariff obstacles to trade, a release from the Council said.
Mexico will remove almost all of its existing tariffs on EU imports, enabling EU producers to become more competitive in that market and to export more. The agreement will remove unnecessary technical barriers to trade, facilitating both imports from and exports to Mexico.
Fibre2Fashion News Desk (DS)
