The International Trade Secretary Anne-Marie Trevelyan launches negotiations on a new UK-Mexico Free Trade Agreement (FTA) alongside her Mexican counterpart, Tatiana Clouthier, in London.
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Negotiating a ‘Mexico 2.0’ deal would transform the UK’s relationship with the world’s 16th biggest economy and secure a brand new, enhanced FTA for a digital age, which supports hi-tech jobs, industries of the future and grows our economy.
Mexico is a major market for UK exporters. Its expanding population means demand for imports is set to grow by 35% by 2035. It is in a strategically situated part of the world, serving as a gateway to the Americas as well as to the dynamic trans-Pacific region.
UK negotiators will look to go further and deeper in areas like services and technology, boosting a trade relationship already worth over £4 billion. The agreement could increase trade flows across the financial, creative, digital and technology services sectors thanks to advanced services provisions, boosting the UK’s already world-leading services industries.
It is the third major FTA negotiation launched by Trade Secretary Anne-Marie Trevelyan this year - following visits to kick off talks in India in January and Canada in March.
The UK is aiming for a dedicated chapter on small and medium-sized enterprises (SMEs) that would knock down sector-specific barriers, cutting costs and paperwork for SMEs looking to export.
Through this FTA, the UK will seek to make buying and selling goods and services online and product standards recognition processes smoother, helping British businesses expand more quickly and supporting jobs.
We will also aim to lock in tariff reductions of £57 million per year secured under existing agreements, ensuring tariff-free trade on 97% of UK goods.
We will look to help workers move between the two countries more easily and enhance opportunities for UK firms to bid for contracts in Mexico, supporting major UK industries such as infrastructure and business services.
Our ambition is for an FTA which is forward looking and fit for the future, which supports innovation and women’s economic empowerment.
This new FTA will also complement the UK’s CPTPP negotiations, accession to which could see 99.9% of UK exports being eligible for tariff-free trade with this bloc, which includes some of the world’s largest existing and future economies including Mexico. ■
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