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Mexico, EU Begin New Chapter of Economic Cooperation
(MENAFN) The Mexican administration, in collaboration with the European Commission, commemorated the modernization of a landmark accord designed to unite their economies and reinforce a strong partnership on the international stage, signaling the beginning of a renewed phase between both parties.
President Claudia Sheinbaum’s administration received a European Union delegation headed by European Council President António Costa and European Commission President Ursula von der Leyen, 26 years after the original global agreement between the two entities was established.
Sheinbaum, accompanied by Foreign Minister Roberto Velasco Álvarez and Economy Secretary Marcelo Ebrard, praised the far-reaching pact, through which 99% of tariffs on Mexican exports will be removed, together with substantial European financial investments.
During a ceremony held at the National Palace, von der Leyen stated, “It is a truly global agreement from the beginning because it also covers political dialogue, cooperation, investment and, naturally, trade. Today, we are elevating this broad platform to a new level.”
Furthermore, the European Union’s Global Gateway investment initiative will channel €5 billion (47 billion), exceeding 100 billion pesos ($5.7 million), into Mexico to support new wind and solar energy developments, in addition to sustainable transportation projects.
Sheinbaum emphasized the significance of the renewed accord, saying, “The strength of what we are signing today — the update and modernization of the Treaty and the Global Agreement — is rooted in a vision of shared prosperity, joint work, and shared development. And just as Mexico has a relationship with the United States, we also have a relationship with the European Union, and we want to strengthen both relationships.”
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