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Mexico Major Trade Agreements

By September 12, 2022No Comments2 min read

Mexico has long been a hotbed for international trade, with multiple trade agreements that have helped to bolster the economy and create new business opportunities. These agreements have provided Mexico with access to new markets and allowed for the growth of key industries, such as automotive manufacturing and textiles. Here are some of Mexico`s major trade agreements.

North American Free Trade Agreement (NAFTA)

NAFTA is without question Mexico`s most significant trade agreement. It was signed in 1992 by the United States, Canada, and Mexico, and it went into effect in 1994. NAFTA eliminated tariffs on various goods and services traded between the three countries, thereby boosting trade and investment. However, the agreement was renegotiated by the USMCA – also known as the United States-Mexico-Canada Agreement – in 2020.

Pacific Alliance

The Pacific Alliance is a trade agreement between four countries: Mexico, Chile, Peru, and Colombia. Signed in 2011, this trade agreement aims to create a common market for goods and services among its member nations. The Pacific Alliance has strengthened Mexico`s trading relationships with other Latin American countries, resulting in significant growth for the Mexican economy.

EU-Mexico Free Trade Agreement

Mexico has had a long-standing trade relationship with the European Union, and in 2000, the two entities signed a free trade agreement. This agreement eliminated tariffs on many goods traded between the EU and Mexico, making it easier for businesses to trade with one another. The EU and Mexico are currently negotiating to modernize this agreement to further liberalize the trade between them.

Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

This trade agreement was signed by Mexico and ten other Pacific Rim countries in 2018. The CPTPP aims to expand trade relationships and eliminate tariffs on various goods and services. The agreement is expected to increase Mexico`s exports by up to $150 billion by 2030.

Mexico`s trade agreements have played a crucial role in the country`s economic growth and development. By providing access to new markets and opening doors to new business opportunities, these agreements have allowed Mexico to become a significant player in international trade. As the Mexican government continues to pursue new trade deals and strengthen existing ones, the country`s economy is expected to continue to thrive.

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