The UK on December 15 signed a commerce cope with Mexico, locking in tariff-free commerce and different advantages for British companies and customers. The UK-Mexico Commerce Continuity Settlement will significantly profit the textiles, automotive, pharmaceutical, agriculture, foods and drinks industries and different manufacturing industries, sectors the place the UK has excessive commerce quantity with Mexico.
Each nations have additionally dedicated to begin negotiating a brand new and bold free commerce settlement subsequent 12 months, which can go a lot additional than the present deal, the UK authorities mentioned in a press launch.
This settlement additionally represents one other step in direction of the UK’s accession to the Complete and Progressive Settlement for Trans-Pacific Partnership (CPTPP), to which we purpose to use for formal accession in early 2021. Either side have agreed that our future bilateral negotiations ought to run in parallel to this course of.
Becoming a member of CPTPP would put the UK on the centre of an more and more influential commerce community of 11 dynamic economies within the Indo-Pacific area that already accounts for 13 per cent of worldwide gross home product (GDP) and would rise to 16 per cent with the UK’s accession.
Round three,800 UK companies export items to Mexico, which the Organisation for Financial Cooperation and Improvement expects to develop into one of many world’s 10 largest economies inside a technology and which has a market of over 130 million customers.
This settlement ensures UK companies the understanding they should function within the Mexican market. It might save round £59 million value of duties that may have been levied on UK exports to Mexico underneath phrases of the World Commerce Organisation.
The UK and Mexico additionally set out their dedication to a joint political dialogue overlaying all bilateral and worldwide issues of mutual curiosity, together with persevering with and intensifying all areas of present cooperation.
Fibre2Fashion Information Desk (DS)
The UK on December 15 signed a commerce cope with Mexico, locking in tariff-free commerce and different advantages for British companies and customers. The UK-Mexico Commerce Continuity Settlement will significantly profit the textiles, automotive, pharmaceutical, agriculture, foods and drinks sectors and different manufacturing industries with excessive bilateral commerce quantity.