The European Parliament has officially given the green light to the new Modernised Global Agreement (MGA) and the interim Trade Agreement (iTA) between the European Union and Mexico. The plenary approval, with 388 votes in favour, 161 against, and 120 abstentions, marks a historic turning point in bilateral relations, updating a regulatory framework that has been in place since 2000. The objective is to strengthen political ties and provide a strong boost to trade exchanges between both sides of the Atlantic.

According to European estimates, the agreement could increase total EU exports of goods and services to the Latin American country by up to 75%, allowing EU companies an estimated tariff savings of around €100 million. The deal provides for the removal of nearly all remaining customs duties. This factor will primarily benefit the European agri-food sector, considering that Mexican tariffs on key products such as cheeses and pork currently exceed 45%. Furthermore, Mexico commits to protecting as many as 568 EU Geographical Indications (GIs), countering the illegal imitation of typical regional food specialties and beverages.

Beyond the purely economic aspect, the partnership represents a strategic geopolitical choice. In a phase of intense global tensions, the alliance aims to defend multilateralism and an international order based on shared rules, while promoting sustainable development and the fight against corruption. To accelerate the process, the interim Trade Agreement (iTA), focused on exclusive EU competences such as tariffs and market access, will enter into force shortly, while the comprehensive Global Agreement will require final ratification by all EU Member States.

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