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Mexico and EU reach agreement on trade

The European Union and Mexico have agreed in principle to a new trade deal.  That agreement was reached over the weekend, and the European Commission says it includes eliminating or reducing most tariffs.  EU officials say the European poultry, cheese, chocolate, pasta, and pork producers stand to benefit the most.

Mexico agreed to the EU’s geographical indications, which will protect products named for their European locations of origin, essentially giving the EU producers exclusive markets for more than 340 food and drink products including Champagne and many cheese varieties.

The Commission also says the new trade deal will guarantee the EU a larger market for milk powder, starting with 30-thousand tons and growing to 50-thousand tons after five years.  Mexico is also giving the EU duty-free access for nearly all pork products.

The EU-Mexico deal will also give the EU the ability to block products they say are not proven scientifically safe, open up trade for services such as financial and e-commerce, and allow the countries access to each other’s public procurement markets.

The two sides expect to finalize the language by the end of the year.

 

 

 

 

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