- The Free Trade Agreement between Mexico and the European Free Trade Association (EFTA) * is another window of opportunities for business with European countries.
- Both Free Trade Agreements between Mexico with the EU and EFTA created a series of business opportunities for Mexican and European investors and businessmen.
Background information:
- The free The free trade agreement between the EFTA-members and Mexico was put into force on 1st July 2001.
- The services chapter is divided into four sections: one section for services (and investments), one for maritime transport, one for financial services and one for general exceptions.
- The purpose of the deal was to eliminate unnecessary tariffs that previously discouraged trade between Mexico and the EFTA region, while efforts were made to achieve greater consistency in terms of rules of origin, competition laws, intellectual property rights, dispute settlement processes and government procurement.
- Merchandise trade between the EFTA States and Mexico reached USD 4.2 billion in 2014. EFTA’s top exports to Mexico included pharmaceutical products; organic chemicals; machinery and mechanical appliances; and clocks and watches. EFTA imports mainly consisted of pharmaceutical products; precious stones; and mineral fuels and oil.***
Latest developments:
As part of its ongoing efforts to further expand the scope of its international trade activity, Mexico has been reconsidering its commerce agreements with a number of key international partners.
- A Joint Declaration, launching the negotiations, was signed on 22 January 2016 in Davos, Switzerland, by the EFTA Ministers and the Minister of Economy of Mexico, Mr. Ildefonso Guajardo Villarreal.
- Aiming to review the General Framework of the Free Trade Agreement between the United Mexican States and the EFTA States, Delegations discussed their approaches, interests and sensitivities in all the areas under discussion in the review process, as well as the way forward in the negotiations.
- The Parties foresee to enhance market access for goods, services, investment and government procurement. **
- They also aim to include international and new rules’ developments in their FTAs since 2000, notably in regard of rules of origin, sanitary and phytosanitary measures, technical barriers to trade, trade remedies, intellectual property rights and competition, as well as in areas not yet covered by the Mexico-EFTA FTA, such as trade facilitation and sustainable development.**
- Delegations from the EFTA States and Mexico met for their first round of negotiations on a comprehensive review of the existing Free Trade Agreement between the EFTA States and Mexico, on 10-13 May in Geneva. Mr Didier Chambovey, Ambassador and Delegate of the Federal Council for Trade Agreements from Switzerland, acted as the EFTA Spokesperson, while the Mexican delegation was headed by Mr Francisco de Rosenzweig Mendialdua, Undersecretary of Foreign Trade from the Ministry of Economy, and Cesar Guerra Guerrero, Minister Representative of the Ministry of Economy to the EU.
- The second round of negotiations is foreseen to take place in Mexico next 4. November 2016.