Trade relations between the EU and Mexico are governed by the trade pillar of the EU-Mexico Economic Partnership, Political Coordination and Cooperation Agreement (also referred to as the ‘Global Agreement’). By 2020, bilateral trade had more than tripled in the 20 years since the Global Agreement entered into force.

In 2016, the EU and Mexico decided to modernise the EU-Mexico Global Agreement in a comprehensive and ambitious manner. The two sides reached an ‘agreement in principle’ on the trade part of the modernised EU-Mexico Global Agreement in April 2018. They concluded the final technical details on public procurement in April 2020. The EU-Mexico Agreement is undergoing the necessary internal procedures on both sides, culminating in the signature and conclusion of the Agreement.