The EU-Mexico Global Agreement is a comprehensive trade agreement that covers a wide range of issues related to trade, investment, and political cooperation. One of the pillars of this agreement is the trade pillar, which deals with issues related to trade in goods, services, and investment.
In recent years, there has been a push to modernize this trade pillar in order to reflect the changing realities of international trade. This modernization process has been ongoing for some time, but it received a significant boost in 2018 when the EU and Mexico announced that they had reached a political agreement on a new and updated trade pillar.
The modernization of the trade pillar of the EU-Mexico Global Agreement is an important development, as it will provide a more robust framework for trade and investment between the two regions. One of the key areas of focus in this modernization process is the elimination of tariffs on a wide range of goods. This will make it easier and cheaper for businesses in both regions to trade with each other, which should lead to increased economic activity.
Another important aspect of the modernization process is the inclusion of new provisions related to services and investment. This will help to encourage greater investment between the EU and Mexico, which should lead to the creation of new jobs and economic growth.
The modernization process also involves the inclusion of new chapters related to intellectual property, sustainable development, and small and medium-sized enterprises. These chapters will help to ensure that the benefits of the trade agreement are spread more widely across both regions and that environmental and social concerns are taken into account.
Overall, the modernization of the trade pillar of the EU-Mexico Global Agreement is an important step forward for both regions. It will help to facilitate greater trade and investment between the EU and Mexico, which should lead to increased economic growth and job creation. Moreover, it will provide a more robust and modern framework for trade, which is essential in today`s fast-moving and interconnected world.