Brussels, 29/01/2001 (Agence Europe) - On Wednesday, Mexican Trade Minister Luis Ernesto Derbez is to examine with European Trade Commissioner Pascal Lamy the practical means for encouraging companies to use the EU/Mexico free trade partnership agreement to best advantage.
Mexico hopes to boost its trade relations with the EU to offset the slowdown in its trade with the United States, the new Mexican President, Vicente Fox, had announced on the sidelines of the Davos Forum. "The economic slowdown of the United States could affect our growth forecasts, estimated at 4.5% for 2001, but we hope to develop trade with Europe, by making full use of the partnership agreement", said President Fox in an interview with The Herald Tribune.
The European Union's share in Mexican trade went from nearly 11% in 1990 to 6.5% in 1999, a fall mainly due to the coming into effect of the free trade agreement between Mexico, the United States and Canada. By liberalising the large part of industrial trade by 2007 and the trade in farm products by 2010, the partnership agreement mainly aims to right the balance of trade.
The industrial section of the agreement, under Community competence, came into force on 1 July. The non-Community section, concerning services, intellectual property and investment, is expected to take effect in the near future. The national EU15 parliaments have ratified the agreement and the European Parliament is expected to give its assent on 13 or 14 February this year, on the basis of the report by Caroline Lucas (British Greens member). The EU/Mexico Joint Council is expected to meet for the first time on 26 February on the fringe of the General Affairs Council.