‘Progressive and innovative’ is how the UK wants a free trade agreement with Mexico – El Financiero

The The current UK-Mexico trade agreement is relatively superficial and builds on the global agreement between the EU and Mexico negotiated more than 20 years ago.so both countries will now seek an ambitious “new generation” agreement as well as trade promotionIncreasing investment flows and promoting digital and cross-border trade.

“We want the new Free Trade Agreement (FTA) to also comply with progressive issues such as trade and Gender equality and innovation‘,” the UK’s ambassador to Mexico, John Benjamin, noted in an interview.

The diplomat added that they would also seek to include provisions to facilitate trade for the 2,700 small and medium-sized businesses across the UK that were exported to Mexico in 2020, and at least 800 businesses imported from Mexico, and encourage more to join them.

Benjamin remembered that British companies are unable to take full advantage of bilateral relations with Mexicosince “our current trade agreement is more than two decades old, signed in the pre-iPhone era, and long before the proliferation of high-speed broadband. This deal is now “proving its age” and needs updating, plus the deal The current situation does not reflect the challenges and opportunities of a rapidly changing global economy.”

I explained it in detail The new agreement will seek to impose zero percent tariffs on 91 percent of Mexico’s importsand 97 percent of exports to Mexico are from the United Kingdom.

Looking ahead, the UK and Mexico negotiating teams have been instructed to conduct the first formal round of negotiations in Mexico City next July and a second round in the fall.

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“This will allow us Significant progress is being made towards our ambition to conclude negotiations on a new free trade agreement He emphasized that within two years, which we agreed as part of the UK-Mexico Business Continuity Agreement.

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