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Mexico begins negotiations with the United Kingdom for a new free trade agreement

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The first official round of talks will be held in Mexico City next July.

Mexico and the United Kingdom formally initiated the negotiations to sign a Free Trade Agreement (FTA), as announced by the authorities on Friday.

“We reaffirm that Mexico and the United Kingdom will work together to take our commercial and economic relationship to the next level”, expressed the Secretary of Economy, Tatiana Clouthier, and the head of the Department of International Trade of the United Kingdom, Anne-Marie Trevelyan, in a joint press release.

The first official round of negotiations will be held in Mexico City next July, while the second cycle of talks is scheduled to take place in the fall, without date or location still defined.

Main aspects to be negotiated

In these rounds of negotiations, the Governments of Mexico and the United Kingdom hope to achieve “significant progress” to conclude the negotiations for a new FTA within two years.

For the time being, the authorities reported that the Free Trade Agreement would focus on the following sections:

  • Trade in goods and services.
  • Increase in investment flows.
  • Promote digital and cross-border trade.
  • Support to companies in Mexico and the United Kingdom to access better use of global supply chains.

“We also aim for the new FTA to deliver on progressive issues such as trade and gender equality and innovation,” they announced.

Trade between Mexico and the United Kingdom

The Mexican Government highlighted that the The United Kingdom is the eighth largest investor in the Latin American country, where more than 2,000 British companies operate.

Likewise, the United Kingdom is the sixteenth trading partner worldwide.

In 2021, the trade between Mexico and the United Kingdom amounted to 5,100 million dollars.

“President López Obrador shares the United Kingdom’s view on the need for clear rules-based trade s and predictable that benefit businesses and consumers,” said Clouthier.

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