LONDON, Dec 16 (NNN-AGENCIES) – Britain and Mexico signed an agreement, aimed to secure the existing bilateral trade, following the end of the Brexit transition period on Dec 31, the British Department for International Trade (DIT) said yesterday.
The UK-Mexico Trade Continuity Agreement will provide certainty for British and Mexican businesses, “trading the goods and services that make up our bilateral trade relationship, which accounts for over five billion dollars per year,” said the DIT.
The deal “is intended to be transitional in nature,” and both sides agreed to “begin negotiations on a new and ambitious Free Trade Agreement in 2021,” the DIT said.
“Our trade deal with Mexico means we have now secured agreements with 58 countries,” tweeted Britain’s International Trade Secretary, Liz Truss.
Truss said, it’s Britain’s 7th deal with a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), adding, “I look forward to the UK applying early next year to join CPTPP.”
The CPTPP is a trade pact among 11 countries, with the aggregate gross domestic product (GDP) accounting to 13 percent of the world economy.
The CPTPP entered into force on Dec 30, 2018, for Australia, Canada, Japan, Mexico, New Zealand and Singapore, and on Jan 14, 2019, for Vietnam. It will enter into force for Brunei, Chile, Malaysia and Peru, 60 days after they complete their respective ratification processes.
The announcement came, when trade negotiations between Britain and the European Union (EU) are at a crucial stage, as time is running out for both sides to secure a deal before the end of the year.– NNN-AGENCIES
