“Virtually all trade in goods between the EU and Mexico will now be exempt from duties, including the agricultural sector. Simpler customs procedures will further benefit the EU industry, including in sectors such as pharmaceuticals, machinery and transport equipment, “the report reads.

The agreement also lays down “progressive rules on sustainable development” with the two parties pledging to “effectively implement their obligations” under the Paris agreement on climate change.

“It will also be the first EU trade agreement to combat corruption in the private and public sectors,” the report said.

European Commission President Jean-Claude Juncker commented that today’s agreement was signed between partners “willing to discuss, to defend their interests while at the same time wanting to commit themselves to meeting everyone’s expectations.”

Mexico has thus entered a list that includes Canada, Japan and Singapore, Juncker recalled.

For Trade Commissioner Cecilia Malmström, this is a “new chapter in a long and fruitful relationship” that gives a great boost to trade and job creation.

“Today’s agreement also sends a strong message to other partners that it is possible to modernize existing trade relations when both partners share a clear belief about the merits of open, free and fair trade,” he said.

Agriculture Commissioner Phil Hogan noted that the agreement is “very positive” for the agri-food sector creating new export opportunities.

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