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On 20 May 2022, the UK announced the launch of negotiations on an updated UK-Mexico Free Trade Agreement (FTA), which will be better tailored to the UK than the current FTA based on the EU-Mexico Global Agreement and negotiated over 20 years ago.
UK negotiators will look to go further and deeper in areas like services and technology, and aim for a dedicated chapter on small and medium-sized enterprises (SMEs) that would facilitate sector-specific market access, cutting costs and paperwork for SMEs looking to export.
Through this FTA, the UK will seek to make buying and selling goods and services online and product standards recognition processes smoother, helping British businesses expand more quickly and supporting jobs. The UK will also aim to lock in tariff reductions of £57 million per year secured under existing agreements, ensuring tariff-free trade on 97% of UK goods.
This new FTA will also complement the UK’s Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) negotiations, accession to which could see 99.9% of UK exports being eligible for tariff-free trade with the bloc, which includes Mexico.
More information on the launch of negotiations and the UK’s strategic approach to the FTA can be found on the UK Government website.