Industry welcomes modernization of EU-Mexico trade agreement

With the modernization of the trade agreement between the EU and Mexico, the economic relations between the two partners and thus also with Austria will be significantly strengthened. “It is very pleasing that the new trade agreement will allow us to work even better with Mexico in the future. With almost 2 billion euros in 2023, Austrian exports reached a record level. Mexico is therefore our most important sales market in Latin America,” emphasizes IV Secretary General Christoph Neumayer and continues: “Today’s agreement paves the way for a further reduction of trade barriers and thus important growth impulses for both partners. In particular, the new agreement creates improved access for European companies to the Mexican service and public procurement market and, above all, focuses on critical raw materials.” Domestic companies have invested more than 2.5 billion euros in Mexico, thereby securing more than 11,000 jobs Location.

Approach the ratification process quickly

Mexico is also an important trading partner for the EU as a whole. In 2023, trade in goods amounted to 82 billion euros, while trade in services amounted to 22 billion euros. This makes Mexico the EU’s second largest trading partner in Latin America. “Especially in times of economic challenges and potential US tariffs, the modernization of the EU-Mexico trade agreement is an important economic but also political signal. This momentum must also be carried over to other future agreements. It is particularly important now to start the ratification process quickly and implement the agreement as quickly as possible,” said IV General Secretary Christoph Neumayer.