Daily Management Review

The economy of Mexico is getting rid of dependence on the US


02/23/2018


The European Union and the negotiators from Mexico have concluded the ninth round of talks on the modernization of the 20-year free trade agreement, Reuters reports.



Rob Young
Rob Young
The negotiators said that they had agreed on five new chapters and had made significant progress with respect to other provisions of the deal.

A new deal with the EU is key to Mexico, as the country is trying to reduce the dependence of its economy on the United States, its main trading partner.

President of the United States Donald Trump has stated more than once about his intention to withdraw from the North American Free Trade Agreement (NAFTA), which is the basis of Mexico's economy.

The EU and Mexico intend to update the trade deal agreed 21 years ago, which mainly covers manufactured goods. They want to add agricultural products, services, investments and public procurement, as well as include provisions on labour standards and environmental protection.

The meeting of the negotiators in Mexico City agreed on chapters on technical barriers to trade, state enterprises, subsidies, anti-corruption and trade in services, the Mexican Minister of Economy said in a statement.

Mexican officials hoped to close the deal by the end of February, but it looks unlikely.

"As before, it is necessary to reach a consensus on specific issues in the chapters on trade in goods, rules of origin and intellectual property," the ministry said.

The key issues are how much EU and Mexican markets will be opened for food and beverages such as tequila, chicken and asparagus from Mexico and dairy products from Europe, and the EU's requirement for recognition of geographical indications.

"The modernization of the free trade agreement is a priority in the Mexican trade agenda," the ministry emphasized.

Earlier it was reported that the protectionist position of US President Donald Trump can bring Asian, Middle Eastern and Latin American countries closer to open markets and an alliance with the European Union, as announced by a senior EU official.

Jyrki Katainen, vice-president of the European Commission, said that Trump's refusal from multilateral business deals, together with threats to introduce increased tariffs on imported goods, would allow the 28 countries of the bloc to intensify free trade negotiations and investment projects with countries such as Japan , China, India, Saudi Arabia, the United Arab Emirates, Mexico, Brazil and Argentina.

source: reuters.com

 






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