Mexico and the European Union have taken the final step to modernise their trade relationship, with the EU Council formally adopting the Interim Agreement on Trade (ITA) on Tuesday.
The agreement was signed on 22 May 2026 during the EU-Mexico Summit, after the European Parliament approved it on 8 July. Mexico is expected to complete its internal process after summer.
The ITA updates the trade chapter of the EU-Mexico Global Agreement and is set to benefit Mexican exporters and more than 45,000 EU companies, most of them SMEs.
Key benefits for Mexico:
More market access through the elimination of most remaining tariffs; New opportunities in services, investment, and public procurement; Stronger protection for Mexican products and cooperation on digital trade, customs, and critical raw materials
“This modernised agreement strengthens one of our closest partnerships in Latin America and will bring greater opportunities, growth and jobs,” said Helen McEntee, Irish Minister for Foreign Affairs and Trade.
Why it matters:
Mexico is the EU’s 2nd largest trading partner in Latin America. The EU is Mexico’s 3rd largest. Bilateral trade reached nearly €87 billion in goods in 2025 and over €29 billion in services in 2024. Trade has grown 75% in goods and 171% in services since 2014.
The ITA will enter into force 2 months after both sides notify completion of procedures. It will operate until the full Modernised Global Agreement comes into effect.
