The agreement was adopted by the Council of the European Union on 28 September 2000, after the contracting parties stagnated the necessary notification to enter into force of the agreement and came into force on 1 October 2000. On 13 May 1996, the General Council of the European Union approved a mandate to negotiate an agreement with Mexico. Negotiations began in October 1996. On 8 December 1997, the European Union and Mexico signed an agreement consisting of three pillars: an agreement on economic partnership, political cooperation and cooperation (known as the “comprehensive agreement”), which laid the groundwork for the negotiation of a free trade agreement between Mexico and the European Union; an interim agreement on accompanying measures (called the “interim agreement”) which was the framework and mechanisms for trade liberalization and a final act. The eighth round of negotiations took place in Mexico City from 8 to 7 January 2018. The ninth round of negotiations began on 12 February 2018 in Mexico City. On 21 April 2018, Mexico and the European Union concluded negotiations for a new global agreement. The new agreement includes political, economic and cooperative aspects to strengthen political dialogue, boost trade and investment and strengthen technical and scientific cooperation between the two sides. Since agriculture accounts for just over one per cent of EU GDP, the threat posed by Mexican products outside the agricultural environment cannot cause much suffering. Instead, companies and wealthy individuals may be more interested in the terms of the agreement, which facilitate investment in each market, by limiting the number of companies likely to engage in specific economic activity. Changes in food standards may make headlines, but new investment criteria will determine where real money will end up. On 28 April 2020, in the midst of the global health crisis C-19, a new trade agreement was concluded between the European Union (EU) and Mexico, the number 1. Business partners in Latin America, was announced.
It contains a chapter on investment protection to its central elements. Mexico would be the first Latin American country to sign a treaty with Europe that would include this dimension. It is never easy to put an international trade agreement over the line. Negotiations on the Canada-EU Comprehensive Economic and Trade Agreement lasted seven years, while the North American Free Trade Agreement (NAFTA) was originally developed in 1980, but was not ratified until 1993. Similarly, the signing of the agreement is only the beginning: trade agreements are subject to amendments and differences of opinion, as the recent GERangel in NAFTA showed. This special agreement was replaced at the beginning of July. Mexico is currently the EU`s largest trading partner in Latin America, while only the United States and Canada trade more goods with Mexico than the 27-person bloc.