By THE PULSE NEWS MEXICO STAFF
The British government on Friday, May 20, announced that it has begun preliminary negotiations with Mexico to establish a bilateral free-trade agreement.
According to British Trade Minister Anne-Marie Trevelyan, using as a template the European Union-Mexico agreement that was negotiated over two decades ago, the United Kingdom, which ceased to be included in that accord when London left the EU in January 2020, is hoping to expand the prior agreement to include both financial and digital sectors, topics that remain omitted from the EU-Mexico pact.
In a joint statement, Trevelyan and Mexican Economy Secretary Tatiana Clouthier said that the first round of formal talks would be held in Mexico City in July, followed by a second round in fall, with the objective of reaching a deal within two years.
In addition to increased binational trade, Trevelyan said, Britain is hoping to get Mexico’s support in its bid to become a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The CPTPP, established in 2018, currently includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, and Britain is eager to join, especially since many European countries have snubbed the UK economically because of Brexit.
Combined bilateral trade between Britain and Mexico is currently worth about $5 billion, a figure that Trevelyan said could increase dramatically as a result of lowered tariffs.