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UK and Mexico Agree to Strengthen Trade and Investment Ties
The United Kingdom and Mexico have signed a new agreement to enhance their economic relations, as both countries seek to expand their global reach and diversify their trading partners. The deal, which came into effect on December 1, 2020, aims to promote cooperation in various sectors, such as automotive, energy, financial services, information and communication technology, and tourism. It also underscores the importance of sustainable and inclusive growth, respect for human rights and the rule of law, and the mitigation of climate change and biodiversity loss.
The UK-Mexico Agreement builds on the existing partnership between the two countries through their membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes 11 other countries in the Asia-Pacific region, such as Canada, Japan, and Australia. The CPTPP, which came into force in 2018, aims to lower trade barriers and promote regulatory convergence among its members, while also addressing issues such as labor rights, environmental protection, and intellectual property.
By deepening their bilateral ties, the UK and Mexico hope to seize new opportunities for investment, innovation, and cooperation. The agreement includes measures to facilitate trade in goods and services, such as the elimination of tariffs on 63% of UK exports to Mexico, the recognition of UK professional qualifications in Mexico, and the promotion of e-commerce and digital trade. It also provides for the protection and enforcement of intellectual property rights, the facilitation of investment and transfer of capital, and the resolution of disputes through a modern and transparent mechanism, based on international standards.
Some of the specific areas of cooperation mentioned in the agreement are worth highlighting:
– Automotive: The UK and Mexico are major producers and consumers of cars and related components, and both have a strong interest in promoting the transition to low-carbon and electric vehicles. The agreement foresees the exchange of information and best practices on regulation, safety, and technical standards, as well as the promotion of cooperative projects and investment.
– Energy: The UK and Mexico have significant resources and expertise in various forms of energy, such as oil, gas, renewables, and nuclear. The agreement aims to foster dialogue and collaboration on energy security, efficiency, and sustainability, as well as to promote the participation of UK companies in Mexico`s energy market and vice versa.
– Financial services: The UK and Mexico have dynamic and diverse financial sectors, with many opportunities for cooperation and innovation. The agreement seeks to enhance mutual market access for financial products and services, such as insurance, banking, and asset management, while also ensuring the protection of consumers and investors.
– Information and communication technology: The UK and Mexico are leaders in the development and use of digital technologies, which are increasingly shaping the global economy and society. The agreement encourages the exchange of information and expertise on digital policy, cybersecurity, and innovation, as well as the promotion of digital trade and cooperation in areas such as e-government and smart cities.
– Tourism: The UK and Mexico are popular tourist destinations for each other`s citizens and for visitors from other countries. The agreement aims to enhance tourism flows by improving air connectivity, simplifying visa procedures, and promoting cultural and natural attractions.
The UK-Mexico Agreement is a timely and ambitious initiative that reflects the shared interests and values of two countries that are facing similar challenges and opportunities in a rapidly changing world. By strengthening their trade and investment ties, the UK and Mexico can not only boost their own economies but also contribute to a more open, diverse, and sustainable global trading system. As such, the agreement is a positive example of how international cooperation can benefit both parties and contribute to a better future.