A European Commission (EC) press release said that "practically all trade in goods between the EU and Mexico will now be duty-free", including those in the agricultural sector. This updated deal seeks to include a wide range of sectors, with agricultural exports from the European Union set to benefit the most.
A government statement says tariffs will be scrapped on Mexican orange juice, tuna, honey, agave syrup, fruits and vegetables, among others.
The agreement is also set to ensure the protection from imitation for over 300 distinctive European foods and drink products in Mexico, with so-called geographical indications, such as Comté cheese from France, Queijo São Jorge cheese from Portugal, and Szegedi szalámi from Hungary.
The EU-Mexico agreement was reached after "months of intense negotiations, said a statement co-signed by EU Trade Commissioner Cecilia Malmstrom, her agriculture counterpart Phil Hogan, and Mexico's Economy Minister Ildefonso Guajardo Villarreal".
"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".
". The European Union and Mexico stand together for open, fair and rules-based trade". Business between the two countries was worth €1.7 billion to Ireland in 2016. It is being interpreted as, in part, an attempt to rile U.S. President Donald Trump, who has expressed reservations about unrestricted trade with Mexico and suggested he will impose tariffs on Mexican imports if corporations outsource American jobs to bring labour costs down.
"Mexico is Ireland's largest trading partner in Latin America, accounting for over half of total merchandise trade with the region".