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| International trade and Customs |
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Towards a New Trade Agreement between Mexico and the European Union
April 26, 2018 |
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| Towards a New Trade Agreement between Mexico and the European Union |
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Almost 20 years after the enter into force of their first trade agreement, the EU and Mexico have announced to have reached a deal towards a new free trade agreement.
Even though the final details of the document are still being prepared, the agreements already announced will be respected and included therein. The final text is expected to be signed in the second half of 2018. This is considered to be a message to the UK’s and US’s administrations, communicating that both Mexico and the European Union are willing to reach novel agreements with other commercial partners to face the current situation of NAFTA and Brexit.
The key points of this agreement are:
1. 99% of the products traded between the parties, including agricultural products, will be duty free
2. It recognizes the protection of geographic indication of products from both parties including cheeses, wines and liquors
3. Includes provisions to fight corruption, money laundry and global warming
4. Reduces formalities for trade in industrial products, which aims to benefit the automotive and medical industry
5. Makes customs procedures easier
6. Facilitates participation in public procurement
7. Establishes an Investment Court System to solve disputes instead of the traditional investment arbitration procedure
8. Sets rules for digital trade, reducing barriers, and guaranteeing the validity of electronic contracts and authentication methods
9. Sets better protection provisions for innovation and creative works through strict standards of protection of intellectual property
10. Sets new rules to fight unfair trade practices
11. It will establish a website specialized in supporting medium and small companies to access the markets of the parties
The signing of the treaty during the second part of the year will open the door to many companies, both Mexican and from the EU, to adapt and extend their operations to take advantage of these new opportunities.
Our firm has the capacity to provide advice in all kinds of import and export operations, customs litigations, tax law, tax litigation, as well as corporate structuring for the endeavor of new commercial activities, both to EU clients in Mexico and to Mexicans in the EU. We also have the necessary flexibility to adequate our services to varied magnitudes of operations.
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| Luis Javier Gonzalez Cerda |
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IMPORTANT: The information here contained is of general nature and for informative purposes only. Please consider that what is here stated does not apply circumstances of any individual or entity. We strongly recommend not performing any activity based on this information without the professional assistance of our lawyers considering your particular circumstances. |
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Our Comercio Internacional y Aduanas Practice Team can gladly support you in the following topics:
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Customs Law
Customs Litigation
Customs Classification
Complex International Commercial Operations
Tax Law and Litigation
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Tax Law and Litigation
Exports and Imports
Foreign Investment
Corporate Structures
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