The new EU-Mexico trade agreement forms part of a wider global agreement, and seeks to simplify customs procedures in sectors including agriculture, pharmaceuticals, machinery and transport.
On Wednesday, the European Union unveiled plans to fast-track deals with Japan and Singapore, saying it was leading the defence of free trade in the face of U.S. "protectionism".
"Mexico and the EU worked together and reached a mutually beneficial outcome", boasted Jean-Claude Juncker, President of the unelected European Commission which acts as the bloc's executive and initiates all EU-level legislation. Pat Breen, the minister for trade and business, said that Ireland was...
Among them were manchego, parmesan and gruyere, but Mexican producers will be able to continue using those names.
"The EU hopes to have the deal with Mexico finalised by the end of the year and is the first EU trade deal that contains an agreement to tackle corruption, very important for businesses hoping to break into a new market".
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She added that the Kailash Mansarovar Yatra through Nathu La will resume this year. China congratulates India on becoming a member of the SCO, Wang said.
EU Trade Commissioner Cecilia Malmström highlighted the speed with which the deal was reached.
Mexico and the European Union said previous year they would accelerate their talks to update a trade agreement signed in 2000 as the United States threatened to slap tariffs on Mexican imports and withdraw from NAFTA. "Today's agreement also sends a strong message to other partners that it is possible to modernize existing trade relations when both partners share a clear belief in the merits of openness, and of free and fair trade".
Total EU-Mexico trade in 2017 amounted to €62bn billion for goods and €15bn billion for services (2016).
Mexico's biggest trade partner is the U.S. The two do USA $525 billion in trade annually, in goods and services.
The EU is Mexico's third biggest trading partner, and Mexico, with 128 million people, is the EU's second biggest trading partner in Latin America after Brazil.