Mexico, EU lower tariffs in bid to grow non-US trade

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  • Mexico, EU lower tariffs in bid to grow non-US trade
  • Mexico, EU lower tariffs in bid to grow non-US trade

Mexico and the European Union on Friday signed a modernized free trade agreement to lower tariffs and trade away from the United States, which helps partially insulate them from US tariffs.

The expanded pact eliminates almost all bilateral tariffs, boosts agricultural trade, and removes barriers in the auto parts and electric vehicle sectors. Following the deal, Mexico will recognize over 500 specific EU geographical food and drink indicators, while the EU grants duty-free access for Mexican staples like asparagus and poultry.

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