Legal review
Since then, the text of the updated trade agreement has been undergoing a legal review by EU Commission experts known as ‘legal scrubbing’.
The one remaining issue following the finalisation of formal trade negotiations was to successfully secure access to the public procurement market at national and regional level for Irish and EU companies.
Welcoming the news, Minister for Business, Enterprise and Innovation, Heather Humphreys said: “I am delighted that today’s announcement signals that this final element in our trade negotiation has now been resolved, paving the way for the formal signature of the Agreement”.
“Under the Agreement almost all trade in goods between the EU and Mexico will now be duty free, including in the agricultural sector.
Customs
“Simpler customs procedures will further benefit the EU’s industry including sectors like pharmaceuticals, machinery and transport equipment.”
Existing business links currently total €1.5 billion, with imports of goods of €366 million in 2019.
Exports of services from Ireland totalled €704 million in 2018, with services imports into Ireland of €189 million.
The agreement is also in line with obligations under the Paris Agreement on climate change.
Springboard
Minister Humphreys added: “The Agreement will act as a springboard to increase Irish exports to Mexico.
“The main benefits for Ireland in a modernised agreement with Mexico will include the opening up of public procurement markets to Irish businesses and the removal of technical barriers to trade to reduce the costs of entry to the Mexican market.
“The removal of tariffs will be important for Ireland’s important Agri-food sector especially for dairy, pork and poultry products.
Software
“There will also be further exciting opportunities in Mexico for Irish businesses including software, technology manufacturing, services, engineering, telecommunications, ICT and aerospace.
“In this time of significant shared global challenge, it will take an enormous collective effort to overcome and recover from the economic consequences of the Covid-19 crisis.
"EU Free Trade Agreements such as with Mexico highlight the essential nature of maintaining open trade and avoiding unnecessary barriers to trade and investment, which are essential to foster Irish, EU and global growth,” the minister concluded.