Companies planning or planning business operations between the two countries are strongly advised to analyze the impact of the new continuity agreement on their supply chains. “Together, we will be even more successful in taking this opportunity to take our trade to new heights.” It is also the seventh trade agreement we have reached with a member of the CPTPP, which brings together 11 dynamic economies in the Pacific Ocean. Truss said today about the agreement that she would take an important step in the UK`s accession to the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP). The two countries also pledged to begin negotiations next year with an ambitious new free trade agreement that will far exceed the existing agreement. Its activities focus on advice and advice on respect for international trade, anti-dumping, customs, foreign trade and Mexican administrative law. Javier Valenzuela is associated with the Foley Arena in Mexico City. Javier focuses his practice on international trade and customs. He has represented clients in complex trade and customs litigation and advice, including NAFTA and other trade agreements, rules of origin, duty assessment, tariff classification, non-tariff barriers and other compliance issues. Today`s agreement also commits the UK and Mexico to begin negotiations for an ambitious and modern new trade agreement between the UK and Mexico as soon as possible in 2021 and to work towards a three-year deal. Both sides agreed that a future agreement should be at least as liberalising as the recently modernised eu-Mexico agreement, but with the ambition to go further in areas of common interest. In today`s announcement, the United Kingdom confirms its intention to formally apply for membership of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) in early 2021, and Mexico expresses its support for this process.
Both sides agreed that our future bilateral negotiations should take place in parallel with this process. The alliance also abolishes tariffs on 95% of all goods traded between Member States. The United Kingdom has now concluded trade agreements with 58 countries, worth $198 billion a year. This represents 96% of the value of trade with third countries with which we wanted to conclude agreements at the beginning of the trade convergence programme. In a new impetus given to the United Kingdom, the two sides have agreed to begin trade negotiations on a new agreement next year. Agreements were also reached with Vietnam and Singapore prior to today`s agreement with Mexico. With a plant in Mexico, the UK`s manufacturing force can save considerable costs for shipping costs while taking advantage of a competitive labour cost. Mexico is home to a highly skilled and reliable workforce, which is up to 70% cheaper than the cost of labour in the United States. Combined with its strong industrial clusters, which offer dense supply chains in a number of sectors, it is clear that Mexico offers enormous strength as a production base for multinationals wishing to diversify their global presence.
On the basis of the joint declaration, after the end of the UK`s transition period with the European Union on 31 December 2020, when the comprehensive agreement between the European Union and Mexico will no longer apply to the United Kingdom, the agreement will remain preferential for trade between the two countries. This agreement guarantees British companies the security they need to operate in the Mexican market. This would save about $59 million in tariffs on British exports to Mexico under WTO conditions. “We look forward to working with our Mexican friends and allies for an ambitious new trade agreement in 2021. This will allow our two countries to go much further in areas such as data, digital trade, investment, intellectual property and services.