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1st LD Writethru: EU, Mexico agree to accelerate trade talks

Xinhua, February 2, 2017 Adjust font size:

The European Union (EU) and Mexico will hold two additional negotiating rounds before summer as part of an accelerated schedule for a new, reformed Free Trade Agreement, European Commission said on Wednesday.

During a phone conversation between EU Commissioner for trade, Cecilia Malmstrom, and Mexico's minister of economy, Ildefonso Guajardo, the two sides agreed to fix the talks for early April and late June 2017.

In a joint statement following their phone call, Malmstrom and Guajardo also agreed to meet in Mexico City between these rounds to take stock and push negotiators for further progress.

"We will take our trade relations fully into the 21st century. We will be able to boost growth, making our firms more competitive and widening choices for consumers while creating jobs," they pledged in the joint statement.

Meanwhile, the senior officials vowed that the EU and Mexico would stick to open trade and global cooperation amid the worrying rise of protectionism around the world.

"As like-minded partners, we must now stand up for the idea of global, open cooperation. We are already well underway in our joint efforts to deepen openness to trade on both sides. Now, we will accelerate the pace of these talks in order to reap the benefits sooner," the statement said.

The existing Free Trade Agreement (FTA) between the EU and Mexico entered into force in October 2000. Between 2005 and 2015, the yearly trade flow of goods between the EU and Mexico more than doubled, from 26 billion euros (28 billion U.S. dollars) to 53 billion euros (57 billion U.S. dollars).

In 2015, the EU was Mexico's third-largest trading partner. Around 8.0 percent of Mexico's total trade took place with the EU.

However, global trade patterns have changed substantially during the 16-year period, pointing to a need for a broader and more far-reaching FTA, the European Commission, the EU's trade deal negotiation arm said.

Last year, the EU and Mexico initiated negotiations to update the existing FTA and finished first round of negotiations in June 2016. Endit