The Secretary of
Economy, Ildefonso Guajardo Villarreal, participated in the commemorative event
"The Free Trade Agreement EU-Mexico 15 years after its signature",
organized by the Mexican Council on Foreign Relations (COMEXI, by its initials
The Secretary of
Economy, said that "in this decade and a half, it was achieved a
diversified platform for attracting foreign investment; so that, today, Europe
represents more than one third of the total foreign investment in the
However, he said
that the Agreement should respond to the current situation and the conditions
in the international markets, where there are new phenomena that must be
addressed: the growing participation of emerging economies in the worldwide
trade, the creation of value chains in different regions of the world, the
growing importance of services, the high manufacturing processes and the trade
diversification that Mexico and the European Union (EU) have developed.
that the Secretary Ildefonso Guajardo pointed out, to renegotiate the Agreement
are the negotiations that the EU recently concluded with Canada and those are
currently opened with the United States, which will help to obtain a
convergence in the trade regimes on both sides of the Atlantic.
He stressed that a
fundamental element in this exercise of modernizing the EU-Mexico Free Trade
Agreement is the personal interest and leadership of President Enrique Peña
Nieto, who has developed an excellent relationship with several European
leaders, which has been vital for negotiating the Joint Vision Report, where
the terms of reference of the negotiation were established.
The Head of the
Secretariat of Economy agreed with his EU counterpart, Cecilia Malmström, to
work so the negotiations for the modernization of the Agreement begin in early
Agreement, Mexico and the EU multiplied their bilateral trade by three. The
European Union has positioned itself as the third largest trading partner of
Mexico in the world.
Mexican exports to
this region grew from only 5.5 billion dollars in 1999, exporting over 20
billion dollars in 2014; that is to say, they were quadrupled in just 15 years.
In the same period, imports from the EU tripled to reach 44.5 billion dollars
in 2014. For the European Union, they represent a quarter (25.2%) of its
exports to Latin America.