As we all have seen in class, Mexico was the first Latin American country to sign a partnership agreement with the European Union (the Economic Partnership, Political Coordination and Cooperation Agreement) in 1997, although it entered into force in 2000. It covers political dialog, free trade in goods and services, and cooperation programs in various sectors. When I heard this in class I always felt curious about what and how much was Mexico trading with the EU, so here yo have some facts and statistics:
1) The European Union is Mexico's biggest export market after the USA.
2) Trade in Goods:
- EU imports from Mexico: € 11.9 billion
- EU exports to Mexico: € 20.9 billion
- Key Imports from Mexico: mineral products, machinery and electric equipment, transport equipment, and optic photo precision instruments.
- Key Exports to Mexico: machinery and electric equipment, transport equipment, chemical products, and mineral products.
3) Not only does this agreement cover goods, but also services:
- Imports from Mexico: € 2.7 billion (travel, sea transport, air transport, and construction services)
- Exports to Mexico: € 4.1 billion (travel, sea transport, air transport, and computer and information services)
Furthermore, the Mexico-EU FTA foresees that both parties will further liberalise trade in agricultural goods, services and investment. These are clauses reviews that haven't yet been concluded, but they will be in the future. In conclusion, there is a high dependancy between Mexico's and the European Union's economies.
Sources:
http://ec.europa.eu/trade/issues/bilateral/countries/mexico/index_en.htm
http://ec.europa.eu/external_relations/mexico/index_en.htm
