6 May, 2021

United Kingdom / Mexico: the trade agreement officially ratified

SUPLY CHAIN

Mexico has signed the post-Brexit bilateral agreement with the United Kingdom, which will allow both parties to continue to benefit from tariff preferences.

Mexico has officially approvedbusiness continuity agreementwith the United Kingdom by the publication of a decree on 23 April.

This agreement allows the preferential import conditions between the two partners despite the UK's exit from the European Union, particularly in key sectors: automobile, pharmacy, textiles, agriculture, food/alcohol and other manufacturing industries. The overall volume of bilateral trade is USD 5 billion/year.

By December 2020, the two countries had concluded in parallel a Specific bilateral agreement on the mutual recognition and protection of designations of origin for their spirit drinks.

The United Kingdom and Mexico had also announced that they would start negotiations to establish a new trade agreement more ambitious and modern, as soon as possible in 2021, and to strive to sign it within 3 years.

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Source(s): DOF GOB Mexico

Editor(s): C. BEDOUIN

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