EU Council gives final approval to EU-Mexico modernised trade agreement

BRUSSELS, (UrduPoint / Pakistan Point News / WAM - 14th Jul, 2026) The Council of the European Union has adopted the decision to formally conclude the Interim Agreement on Trade (ITA) between the European Union and Mexico, following the signature of the agreement on 22nd May 2026 during the EU-Mexico summit and the European Parliament's consent given during its plenary session on 8th July 2026.

This decision concludes the EU’s internal process for the ITA and confirms that the EU has completed its internal procedures for the purposes of the agreement's entry into force.

The agreement will improve market access by eliminating most remaining customs duties, expanding opportunities for services, investment and public procurement, and reducing barriers to trade.

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It also strengthens the protection of European geographical indications and enhances cooperation on digital trade, intellectual property, customs and trade facilitation, competition and critical raw materials.

The ITA modernises the trade pillar of the EU-Mexico Global Agreement (MGA), providing an updated framework for trade and investment between the two partners. It is expected to benefit more than 45,000 EU companies exporting to Mexico, the vast majority of which are SMEs.

Mexico is the EU’s second-largest trading partner in Latin America, while the EU is Mexico’s third-largest trading partner. Bilateral trade is already substantial, amounting to nearly €87 billion in goods (2025), and over €29 billion in services (2024).