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Mexico

Mexico

Trade relations between the EU and Mexico are governed by the trade pillar of the EU-Mexico Economic Partnership, Political Coordination and Cooperation Agreement (also referred to as the 'Global Agreement'). By 2020, bilateral trade had more than tripled in the 20 years since the Global Agreement entered into force.

In 2016, the EU and Mexico decided to modernise the EU-Mexico Global Agreement in a comprehensive and ambitious manner. The two sides reached an ‘agreement in principle’ on the trade part of the modernised EU-Mexico Global Agreement in April 2018. They concluded the final technical details on public procurement in April 2020. The EU-Mexico Agreement is undergoing the necessary internal procedures on both sides, culminating in the signature and conclusion of the Agreement.

Find out about all the different areas of the new EU-Mexico trade agreement

Better Regulation Agenda

Modernisation of the trade pillar of the EU-Mexico global agreement

Trade picture

  • In 2019, the EU was Mexico's second-biggest export market after the US. The EU's key imports from Mexico are transport equipment, machinery and appliances, mineral products, and optical/photographic instruments.
  • The EU was Mexico's third-largest source of imports in 2019, after the US and China. Key EU exports to Mexico include machinery and appliances, transport equipment, chemical products, and base metals.
  • In services, EU imports from Mexico are dominated by travel and transport services. EU services exports to Mexico consist mainly of business services, transport services, travel services, and telecommunications, computer and information services.
  • As for foreign direct investment, the EU is the second largest investor in Mexico after the US.

EU-Mexico: Trade in goods

Trade in goods 2017-2019, € billions
Year EU imports EU exports Balance
2017 21.7 36.2 14.5
2018 23.6 37.7 14.1
2019 24.3 37.6 13.3

EU-Mexico: Trade in services

Trade in services 2016-2018, € billions
Year EU imports EU exports Balance
2016 4.5 9.4 4.9
2017 5.3 10.3 5.0
2018 5.5 11.6 6.1

EU-Mexico: Foreign direct investment

Foreign direct investment 2018, € billions
Year Inward stocks Outward stocks Balance
2018 40.6 158.6 118.1

Unless otherwise mentioned “EU” concerns for all indicated years the current European Union of 27 Member States.

Date of retrieval: 22/04/2020

More statistics on Mexico

EU and Mexico

Modernising the EU-Mexico Global Agreement

In 1997, Mexico became the first country in Latin America to sign an Economic Partnership, Political Coordination and Cooperation Agreement (Global Agreement) with the EU.

This Agreement came into force in 2000 and covers political dialogue, trade relations and cooperation. The Global Agreement’s trade provisions later developed into a comprehensive Free Trade Agreement, covering trade in goods and trade in services. These provisions came into force in October 2000 and 2001, respectively.

During the EU-Community of Latin American and Caribbean States Summit of 2013, leaders decided to explore the options for a comprehensive update of the Global Agreement.

Negotiations with Mexico started in May 2016. The two sides reached an agreement in principle on the trade part in April 2018, complemented by commitments on public procurement in April 2020.

The European Commission hired an independent consultant to carry out a Sustainability Impact Assessment (SIA) to analyse the social, environmental and economic impacts of the new agreement with Mexico. The Commission’s response to the SIA’s findings and recommendations are in this Position Paper.

The new agreement, once ratified, will replace the existing EU-Mexico Global Agreement.

Committees and Dialogues

The EU and Mexico meet regularly to discuss issues and best practices relating to the implementation of the Trade Decisions under the Global Agreement.

Joint Committee, special committees and other bodies’ meeting reports

Trading with Mexico