Mexico–United Kingdom Free Trade Agreement Explained

Mexico–United Kingdom Free Trade Agreement
Type:Free trade agreement
Context:Trade agreement between Mexico and the United Kingdom
Negotiators:
Parties:

The Mexico–United Kingdom free trade agreement (MUKFTA) is a proposed free trade agreement which began negotiations on 20 May 2022.[1] The trade agreement would be the third FTA to cover Mexico–UK trade, superseding the Mexico–UK Trade Continuity Agreement, extending the deal to cover financial, creative, digital, services and digital trade.[2]

History

From 1 July 2000 until 30 December 2020, trade between Mexico and the United Kingdom was governed by the Mexico–European Union Free Trade Agreement, while the UK was a member of the European Union.[3] Following the withdrawal of the United Kingdom from the European Union, the UK and Mexico signed a continuity trade agreement on 15 December 2020, based on the EU free trade agreement; the agreement entered into force on 1 June 2021.[4] [5]

On 20 May 2022, Mexico and the United Kingdom announced their intentions start talks on a modernised free trade agreement; the agreement will supersede Mexico–United Kingdom Trade Continuity agreement.[6]

Negotiations

MUKFTA Round of Negotiations
Round Dates Location Ref.
1 11–15 July 2022 [7]
2 31 October–11 November 2022 Virtual meeting [8]
3 15–19 May 2023 [9]
Trade negotiations formally opened on 20 May 2022.[1] [2]

Due to slow progress in negotiating a new trade agreement, Mexico and the UK agreed in November 2023 to extend their continuity trade agreement for an additional year.[10]

See also

Notes and References

  1. News: Trevelyan. Anne-Marie. 20 May 2022. UK kicks off talks on modern trade deal with Mexico. GOV.UK. 16 March 2024. https://web.archive.org/web/20220520111759/https://www.gov.uk/government/news/uk-kicks-off-talks-on-modern-trade-deal-with-mexico. 20 May 2022. live.
  2. News: Smout. Alistair. 20 May 2022. Britain launches free trade deal talks with Mexico. Reuters. 16 March 2024. https://web.archive.org/web/20220520154051/https://www.reuters.com/world/britain-launches-free-trade-deal-talks-with-mexico-2022-05-20/. 20 May 2022. live.
  3. Web site: EU - Mexico. World Trade Organization. 16 March 2024.
  4. Web site: Jayawardena. Ranil. Truss. Elizabeth. UK and Mexico sign trade deal' . GOV.UK . 15 December 2020 . 15 December 2020. https://web.archive.org/web/20201215153516/https://www.gov.uk/government/news/uk-and-mexico-sign-trade-deal. 15 December 2020. live.
  5. Web site: James. William. Britain and Mexico agree deal on post-Brexit trade. Reuters. 15 December 2020. 24 April 2024. https://web.archive.org/web/20230823122202/https://www.reuters.com/article/britain-mexico-trade/britain-and-mexico-agree-deal-on-post-brexit-trade-idUKL1N2IV13M/. 23 August 2023. live.
  6. News: 20 May 2022. Joint Statement on the launch of the negotiations for a Free Trade Agreement between the UK and Mexico. GOV.UK. 16 March 2024. https://web.archive.org/web/20220520111808/https://www.gov.uk/government/news/joint-statement-on-the-launch-of-the-negotiations-for-a-free-trade-agreement-between-the-uk-and-mexico. 20 May 2022. live.
  7. Web site: Mexico and the United Kingdom will hold the First Round of Negotiations for a Free Trade Agreement between the two countries. 11 July 2022. Relaciones Exteriores. 24 April 2024. https://web.archive.org/web/20220711185241/https://embamex.sre.gob.mx/reinounido/index.php/en/view-more/1874-mexico-and-the-united-kingdom-will-hold-the-first-round-of-negotiations-for-a-free-trade-agreement-between-the-two-countries. 11 July 2022. live.
  8. Web site: Badenoch. Kemi. Trade Update: CPTPP and Mexico. 28 November 2022. UK Parliament. 24 April 2024. https://web.archive.org/web/20221129095239/https://questions-statements.parliament.uk/written-statements/detail/2022-11-28/hcws391. 29 November 2022. live.
  9. Web site: Huddleston. Nigel. Trade Negotiations with Israel, Mexico and Switzerland. 8 June 2023. UK Parliament. 24 April 2024. https://web.archive.org/web/20230613165700/https://hansard.parliament.uk/commons/2023-06-08/debates/23060842000009/TradeNegotiationsWithIsraelMexicoAndSwitzerland. 13 June 2023. live.
  10. Web site: Milligan. Ellen. UK, Mexico Extend Zero Tariffs Until Free Trade Talks Conclude. Bloomberg. 10 November 2023. subscription. 16 March 2024. https://web.archive.org/web/20231114044441/https://www.bloomberg.com/news/articles/2023-11-10/uk-mexico-extend-zero-tariffs-until-free-trade-talks-conclude. 14 November 2023. live.

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