Mexico close to agreeing a free trade deal with UK

This may include advertisements from us and third parties based on our understanding. Mexico officials are close to agreeing on a mandate to begin negotiations with the Department for International Trade. A Mexico free trade agreement, the Express reports, would boost Britain's economy by millions of pounds and will cut tariffs on automotive, pharmaceutical, textile and agricultural products.

A signed deal will also support jobs and opportunities across the UK in industries like digital, data and services. Ministers have finished a Call for Input to ask for views from the public, businesses and other stakeholders, which will help shape the next round of MPA negotiations in the UK. Sources also said the Mexico deal would be an important building block to membership of the 9 trillion Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which includes Mexico. International Trade Secretary Anne-Marie Trevelyan hosted the first round of talks with member countries last month, which included Canada, Japan, Singapore and Brunei, stressing it was a big milestone on a path to forging'stronger links both with old friends. A UK government source said: “UK s departure from the EU will allow us to shape our own trade agreements with leading economies of the future. A Mexico agreement will build on our continuity agreement we signed last year to secure access for most British goods and services. The Department for International Trade added in their call for input: Stronger trade links with Mexico support Britain joining the CPTPP a club of dynamic economies around the Pacific Rim and will unlock new opportunities for British companies in untapped markets of the future. Our business will gain a competitive edge from being able to choose the best trading terms, whether that s under CPTPP or our new trade deals. READ MORE: SNP chief Nicola Sturgeon is planning to win independence.

Figures from Mexico Ministry revealed goods and services worth over 2 billion were exported in 2019 to the UK by 2018. Ministers also argue the Latin American nation will become one of the 10 largest economies within a generation with a market of more than 130 million consumers. This publication also understands UK s newly appointed Economy Minister Tatiana Clouthier Carrillo is keen to show preferential treatment on tariffs when trading with Mexico. It comes as Ms Trevelyan is expected to announce the final completion of a Free Trade Agreement with New Zealand within the next 10 days.