The objective of this agreement is to create a framework to promote the development of trade in goods and services and their bilateral and preferential, progressive and reciprocal development, taking into account the sensitivity of certain product and services sectors and in accordance with the relevant WTO rules. The Joint Council is responsible for defining the modalities and timetable for the liberalization of tariffs and non-tariff barriers to trade in goods, in accordance with the relevant WTO rules. The decision covers the following topics: Mexico was the first Latin American country to sign a partnership agreement with the EU in 1997. The Economic Partnership, Political Coordination and Cooperation Agreement between the EU and Mexico entered into force in 2000 and created a free trade area (FTA) between the two parties (see Trade section below). The Interim Agreement on Trade and Trade-Side Measures was able to enter into force on 1 July 1998. On 28 April 2020, Mexico and the European Union concluded negotiations on the modernisation of the trade pillar of the agreement. This was the last outstanding element of their new trade agreement. Nevertheless, parties that manage to reach an agreement should be allowed to experience at least one moment of pride at the peak of their efforts. This is probably how the EU and Mexico are currently feeling after concluding four years of negotiations in April for a new trade agreement. The agreement exempts almost all goods traded between the two parties, but this does not mean that all disagreements have been put down.
Until now, imports from Mexico have been governed by the Economic Association Agreement in force since 2000.