EconomyMexico publishes trade agreement with the United Kingdom after...

Mexico publishes trade agreement with the United Kingdom after Brexit

The Mexican government published on Tuesday the Trade Continuity Agreement with the United Kingdom, which will allow the continuation, for now, with the same exchange conditions after Brexit.

“It means preferential access to the United Kingdom market for Mexican products. It also establishes provisions that grant specific tariffs, which makes access to both markets more competitive,” the Mexican Ministry of Economy (SE) reported in a statement.

The pact was published in the Official Gazette of the Federation (DOF) after it was signed last December, when both governments agreed to maintain the preferential trade regime that they had until now under the Free Trade Agreement between the European Union and Mexico (TLCUEM).

The continuity agreement will remain in force for three years while Mexico and the United Kingdom carry out a public consultation and negotiations for a new trade agreement that serves the post-Brexit relationship, which was consummated in January 2020.

“The main objective of this Agreement is to preserve the preferential conditions relating to trade between the parties that resulted from the Global Agreement and to provide a platform for further liberalization of trade between the parties,” stated the DOF decree.

The United Kingdom is Mexico’s 16th trading partner worldwide and, while it belonged to the European Union, it ranked fifth among its member states, according to the SE.

Meanwhile, foreign direct investment (FDI) of British origin represented 15.065 million dollars (million dollars) between 1999 and September 2020, in addition to being the fourth most important in the first quarter of 2021, when it represented 5.5% of the record amount of 11,864.

Between 1999 and 2019, bilateral trade grew 176.9%

At the signing of the agreement, the Government of Mexico highlighted particular benefits for the agricultural sector and the south-southeast states of the country, since it re-dimensioned the quotas for bananas, asparagus, molasses and honey, which are produced in states such as Tabasco, Chiapas. , Veracruz and Yucatán.

“In addition, four necessary instruments were published to guarantee preferential access of products between Mexico and the United Kingdom, and that have the objective of providing the necessary information so that economic operators in Mexico are clear about the requirements,” said the SE.

With information from EFE

At least 5 people have left their posts after the arrival of Raquel Buenrostro...

Raquel Buenrostro has chosen to make changes in the main positions of the Ministry of Economy when the country negotiates with the US and Canada within the framework of the T-MEC.

Who are the new undersecretaries of foreign trade and industry of the SE?

The new Undersecretary of Commerce will lead negotiations with the US and Canada on energy matters in order to avoid future sanctions against the country.

LAST MINUTE: Buenrostro appoints undersecretaries of foreign trade and industry and commerce

Alejandro Encinas Nájera will take the place of Luz María de la Mora, while Luis Abel Romero López replaces Héctor Guerrero.

Uncertainty and concern after the departure of Luz María de la Mora from the...

The Ministry of Economy is left without a head to lead the disputes on energy matters before the representatives of the US and Canada within the framework of the T-MEC.

Trade and industrial policy: the challenges of Raquel Buenrostro in Economics

The new Secretary of Economy enjoys the confidence of President López Obrador; however, it faces important challenges to avoid major differences with the T-MEC partners.