The United Kingdom on December 15 signed a trade deal with Mexico, locking in tariff-free trade and other benefits for British businesses and consumers. The UK-Mexico Trade Continuity Agreement will particularly benefit the textiles, automotive, pharmaceutical, agriculture, food and drink industries and other manufacturing industries, sectors where the UK has high trade volume with Mexico.
Both countries have also committed to start negotiating a new and ambitious free trade agreement next year, which will go much further than the existing deal, the UK government said in a press release.The UK on December 15 signed a trade deal with Mexico, locking in tariff-free trade and other benefits for British businesses and consumers. The UK-Mexico Trade Continuity Agreement will particularly benefit the textiles, automotive, pharmaceutical, agriculture, food and drink sectors and other manufacturing industries with high bilateral trade volume.#
This agreement also represents another step towards the United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which we aim to apply for formal accession in early 2021. Both sides have agreed that our future bilateral negotiations should run in parallel to this process.
Joining CPTPP would put the United Kingdom at the centre of an increasingly influential trade network of 11 dynamic economies in the Indo-Pacific region that already accounts for 13 per cent of global gross domestic product (GDP) and would rise to 16 per cent with the United Kingdom’s accession.
Around 3,800 UK businesses export goods to Mexico, which the Organisation for Economic Cooperation and Development expects to become one of the world’s 10 largest economies within a generation and which has a market of over 130 million consumers.
This agreement guarantees UK businesses the certainty they need to operate in the Mexican market. It could save around £59 million worth of duties that would have been levied on UK exports to Mexico under terms of the World Trade Organisation.
The United Kingdom and Mexico also set out their commitment to a joint political dialogue covering all bilateral and international matters of mutual interest, including continuing and intensifying all areas of current cooperation.
Fibre2Fashion News Desk (DS)
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