The free trade agreement between Japan and Mexico was Japan`s first comprehensive agreement with a single country. Signed in 2004 and imposed in 2005, Japan has become, ten years later, Mexico`s fifth largest export destination, with $4.4 billion in exports. The Free Trade Agreement between Japan and Mexico, commonly known as the Economic Partnership Agreement (EPA), has eased tariffs on goods and services. In 2011, the application of lower tariffs on certain agricultural products from Japan and on Mexican imports on auto parts and jet printing paper was revised. The partnership increased Japanese investment in Mexico because it had access to broader markets in the United States and Canada. These improvements will be particularly useful for small businesses. A new modernised trade agreement between the EU and Mexico would be as follows: once the negotiations are over, the text of the agreement will be in the EU: as with all EU trade agreements, the agreement with Mexico will not affect EU product standards, including food and agricultural standards. The comprehensive free trade agreement includes measures on market access, tariff quotas, anti-dumping and countervailing duties, rules of origin, customs procedures, dispute resolution, public procurement, protection of intellectual property rights, investments, safeguards, health and plant health provisions, technical rules and technical barriers to trade. However, the agreement provides for a quota of non-customs duties for motor vehicles, which corresponds to 5% of cars, buses and trucks sold in Mexico the previous year, excluding large buses. As part of an updated 2011 agreement, Mexico agreed to accelerate the removal of import duties on auto parts between 2012 and 2014. Each agreement contains unique conditions for bringing specific benefits to the countries concerned. Below is a list of Mexico`s 14 free trade agreements, which detail the countries involved and what they can expect in trade under these provisions. The agreement contains provisions relating to the treatment of rehabilitation and access to the goods market; Agriculture; Rules of origin Security measures 19 In the first six years, the free trade agreement reduced the average Mexican tariff on EFTA industrial products from 8% to zero.
Mexican industrial exports to EFTA have been exempt from tariffs since the free trade agreement with Mexico came into force. A trade agreement with Mexico could make it easier for European producers to export to Mexico and phase out tariffs of up to 100 million euros a year. According to the International Monetary Fund, Mexico is the second largest economy in Latin America and the 15th largest in the world. It promotes values similar to those of the EU, including open and fair trade based on international rules. An international investment tribunal would replace the current series of private arbitration agreements contained in thousands of bilateral trade agreements around the world.