Mexico Advances Trade Deals with EU, Asia, and Latin America

Mexico City, Mexico — Mexican President Claudia Sheinbaum highlighted on Wednesday her government’s progress in diversifying the country’s commercial relations, with an emphasis on strengthening ties with Europe, Latin America, and Asia, without neglecting the economic integration of North America.

During her morning press conference from the National Palace, the president reported that Mexico has concluded negotiations for the ratification and modernization of the trade agreement with the European Union, a process that, she said, could be finalized by mid-year once it receives approval from the respective congresses.

Sheinbaum also mentioned progress in trade relations with countries such as Brazil, Singapore, the Republic of Korea, and France, as well as the ongoing dialogue Mexico maintains with China.

She pointed out that even with Canada there have been important approaches and that in February a “very large delegation” of Canadian businesspeople interested in investing in the country will arrive.

The president underscored the strategic importance of North American economic integration and affirmed that, despite geopolitical tensions and global financial volatility, the productive relationship between Mexico and the United States remains solid.

“The integration that Mexico has with the United States is very difficult to break, because they are productive chains that have existed for many years. Even in the face of the possibility of imposing tariffs, as happened, trade continues to occur,” she asserted.

In that context, she recalled that the review of the Treaty between Mexico, the United States, and Canada (USMCA) is scheduled for this year and could include some adjustments.

“We believe the treaty (USMCA) will be preserved. There may be some changes, but ultimately in the review it will be preserved because it is of mutual benefit,” explained the president.

Sheinbaum indicated that her administration is evaluating different scenarios regarding the review of the agreement and works permanently to ensure the process concludes favorably.

“The objective is for the review of the trade treaty to go well, and that is what we are working on every day,” she said, highlighting that Mexico’s greatest strength lies in its population and in the government’s ability to anticipate risks.