EU, Mexico reach initial agreement on updated free trade deal

BRUSSELS (Reuters) – The European Union and Mexico have reached a preliminary agreement on a new free trade deal, the two parties said in a joint statement on Saturday.

The EU and Mexico have been negotiating an update to a trade deal agreed 21 years ago that largely covers industrial goods. They had wanted to add farm products, more services, investment and government procurement, and include provisions on labor standards and environmental protection.

“After several months of intense negotiations, this afternoon we reached an agreement in principle on trade and investment between the European Union and Mexico,” European Commissioners Cecilia Malmstrom and Phil Hogan and Mexican Economy Minister Ildefonso Guajardo said in a statement.

The statement did not give details of what had been agreed.

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