The agreement aims to strengthen the application of international standards while maintaining the level of protection that each Party deems appropriate. This means that EU exporters do not need to have separate production lines for the goods they export to Mexico. On 30 May 2016, Mexico and the European Union officially began talks to update their current free trade agreement. The first round of negotiations on the modernisation of the agreement was held in Brussels, Belgium, on 13 and 14 June 2016. The second round of negotiations on the modernisation of the agreement was held in Mexico City from 22 to 25 November 2016. On 13 May 1996, the General Council of the European Union approved a mandate to negotiate an agreement with Mexico. Negotiations began in October 1996. In December 1997, the European Union and Mexico signed an agreement consisting of three pillars: an Economic Partnership, Political Cooperation and Cooperation Agreement (known as the “Global Agreement”), which laid the foundations for the negotiation of a free trade agreement between Mexico and the European Union; an Interim Agreement on Trade and Trade-Related Matters (known as the “Interim Agreement”), which set out the framework and mechanisms for trade liberalisation and a Final Act. The Interim Agreement, which was to enter into force until the entry into force of the Comprehensive Agreement, was approved by the Mexican Senate on 23 April 1998.
The part of this agreement was approved by the European Parliament on 13 May 1998 and the parties exchanged instruments of ratification on 30 June 1998, which allowed the entry into force of the Interim Agreement on trade and trade-related matters on 1 July 1998. But the general incentives deScribed by De Bièvre are generally insufficient to encourage exporters, trade sectors and authorities on both sides to invest in laborious one-year trade negotiations. Additional political incentives must give this general idea a final boost. The current update of the EU-Mexico Agreement has been prompted to deepen and consolidate engagement. Around one hundred EU spirits with geographical indications are already protected under the existing EU-Mexico agreement. Under the new trade agreement, Mexico will protect another 340 European geographical indications for wines and foodstuffs. This means that traditional EU food manufacturers are not fighting against copies, and when consumers buy these products, they can do so knowing that they are buying the real one. “The economic, social and political differences between the EU and Mexico represent the comparative advantages of both sides in achieving mutually beneficial exchanges of goods and services,” Dirk De Bièvre, professor of international politics and chair of the department of political science at the University of Antwerp, told World Finance.
“These differences make them complementary savings and create the conditions to benefit from the trade facilitation and stabilization of mutual expectations that a trade agreement can offer.” In April 2018, Mexico and the EU reached a new agreement in principle on trade that will replace the first one as soon as it is ratified by all EU Member States and the Mexican Senate. The new agreement will cover all goods, including the agricultural sector. This will be the first EU trade agreement to include a chapter on the fight against corruption, for both the private and public sectors.  Both parties are in the process of finalizing the revision of the text of the modernized agreement. After translation into all EU languages, it will be forwarded to the EU Member States and the European Parliament for signature and closure. Businesses and wealthy people might be interested in the terms of the agreement that facilitate investment in each market As far as the environment is concerned, the EU and Mexico have agreed that the trade agreement they are concluding should support existing environmental legislation and not reduce or weaken it. . . .