Mexico will host FTA negotiations with the United Kingdom in July

MEXICO CITY, June 10, 2022. Next July, Senator Ricardo Monreal Avila announced that Mexico will host the first round of negotiations to begin technical discussions of the free trade agreement being negotiated between Mexico and the United Kingdom.

In compliance with the terms of the continuity agreement, on 20 May 2022 the Minister of Economy, Tatiana Clotheer, and the UK Secretary of International Trade, Anne-Marie Trevelyan, agreed in London to formally begin negotiations for a new treaty.

For this reason, the leader of Morena in the Senate expressed the interest of the Senate of the Republic to organize working groups, through which the scope of the free trade agreement being negotiated between Mexico and the United Kingdom would be analyzed.

“The two countries agree that this is an opportunity to enhance bilateral trade in areas of mutual interest such as agricultural goods and services,” he said.

During a meeting with the UK ambassador to Mexico, Jonathan Benjamin, Morenista suggested that senators, officials from the Ministry of Economy and the Embassy and business people from both countries share the expected effects with the signing of the trade agreement.

It will contribute to the modernization of rules related to investment and intellectual property, as well as to include innovative provisions on digital trade, concern for the environment, innovation, the circular economy, greater participation of small and medium-sized businesses and economic empowerment. of women.

Ricardo Monreal said the new agreement would seek to expand trade preferences by eliminating tariffs on 91 percent of Mexico’s exports, and 97 percent of imports from the United Kingdom. In addition, it will create new opportunities for increased investment in both directions.

Economically, Mexico and the United Kingdom match in different spaces. In addition to sharing membership as members of the World Trade Organization, they participate in the Group of Twenty, and this European country is also an observer member of the Pacific Alliance, a regional integration mechanism consisting of Mexico, Colombia, Chile and Peru.

In addition, on February 1, 2022, the British government formalized its application to join the Comprehensive and Progressive Trans-Pacific Partnership, whose membership our country shares with Australia, Canada, Japan, Singapore and other countries in Asia – Peaceful.