Mexico and the European Union could place the framework for a trade deal by the end of the year. As talks around the North American Free Trade Agreement (NAFTA) drag on, Mexico said this week that the nation is working with the EU to reach the framework for a trade agreement, but differences over agricultural market access remain.
The two sides are currently in technical meetings and preparing for higher-level talks next week. Mexico and the EU have an existing accord dating to 2000 that principally cut tariffs on industrial goods. The two parties agreed in 2015 to modernize their trade relations and held various rounds of talks last year.
The potential trade deal comes as Reuters says Mexico is aiming to reduce its reliance on trade with the United States. However, trade officials from Mexico did say this week that the goal is to have significant advances in the first quarter of 2018, regarding the stalled NAFTA talks.
From the National Association of Farm Broadcasting News Service.