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EU Signs Trade Agreement with Mexico

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MEXICO CITY, Mexico (24 March 2000)--The European Union and Mexico have signed a trade agreement that is comparable to the North American Free Trade Agreement (NAFTA) signed with the US and Canada in 1993. Beginning as early as 1 July, European exporters of all goods except agricultural products will have preferential access to the Mexican market. For Mexico, the deal could bring in billions of new investment from European companies. The newly signed agreement will have the biggest effect on the auto and auto-parts industries. Mexico, which already exports over a million cars and trucks annually. Under the new accord, European car manufacturers with operations in Mexico will be able to export cars duty-free back to Europe by 2003, so long as 45-60% of vehicle content is made in Mexico. Since signing the NAFTA deal with the US and Canada back in 1993 Mexico's exports have from US$52 billion to US$137 billion last year. Also, direct foreign investment into Mexico has doubled since 1993 to nearly US$12 billion a year. (JW)

by Bike Europe last update:21 Mar 2006

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