Especially in times of global uncertainty, it is an important impetus for growth and economic diversification and offers concrete advantages and opportunities for Thuringian companies: Just a few days ago, on May 22, the modernized EU-Mexico trade agreement was signed at the EU-Mexico summit. This modernization represents a significant milestone and creates a solid foundation for more stable and dynamic trade relations.
The aim of the modernization is to further reduce trade barriers, improve the framework conditions for businesses, and unlock new economic potential. Among the concrete advantages for companies that the new agreement brings is the near-complete elimination of tariffs, which significantly strengthens the competitiveness of European and German products. Furthermore, access to public procurement markets will be facilitated, and non-tariff trade barriers—for example, through the harmonization of standards and regulations—will be reduced. The protection of intellectual property and investment conditions will also be improved. Sectors such as mechanical and plant engineering, the chemical industry, the packaging industry, and the agricultural and food sectors are expected to benefit particularly.
The existing trade agreement dates back to 2000 and has led to a significant strengthening of trade relations: Today, more than 45,000 companies from the European Union, predominantly small and medium-sized enterprises (SMEs), export to Mexico. At the same time, over 2,500 European companies are active in the country, including around 2,100 from Germany. This underscores Mexico's high strategic importance for the German economy. For decades, Mexico has been Germany's most important trading partner in Latin America and represents a key pillar of internationalization strategies for many companies. The country is compelling not only as an attractive production location with a skilled workforce, but also due to its large domestic market with approximately 130 million consumers. Furthermore, Mexico is increasingly positioning itself as a partner for innovation and future technologies and benefits from its geographical location as a bridge to the North American market.
Despite the recent improvements brought about by the modernization agreement, important framework conditions remain that companies must continue to consider. These include, in particular, rules of origin, legal and regulatory requirements, and compliance regulations. Issues of financing and subsidies also continue to play a role. Careful preparation and strategic planning therefore remain crucial to fully leverage the benefits of the modernized agreement.
