EU Council approves Interim Trade Agreement with Mexico

The Council of the European Union (EU) unanimously approved—with the support of its 27 member states—the Interim Trade Agreement (ITA) between Mexico and the European Union.

Moctezuma Barragan, Mexico’s ambassador to the EU, explained that since this is a matter falling under the exclusive competence of the EU, the ITA does not require ratification by member states, unlike the Modernized Comprehensive Agreement between Mexico and the EU (MCA), which must undergo that process in each country. Once Mexico formally receives the ITA and it is ratified by the Mexican Senate, the agreement may enter into force two months later.

The Council notes that the ITA aims to eliminate tariffs and reduce non-tariff technical barriers to trade. According to figures from the European bloc, bilateral trade in goods exceeded US$94 billion in 2024, while trade in services was around US$30 billion in 2023. Between 2013 and 2023, trade in services between the two parties grew by more than 158%.

Mexico is the EU’s second-largest trading partner in Latin America, and the EU is, in turn, the second-largest foreign investor in the country, with accumulated investment totaling US$240 billion in 2023.