Economic and Political Relations between Mexico and The European Union (2015-2023): Key and Strategic Elements of the Bilateral Relationship

Abstract

This article assesses cooperation relations between Mexico and the European Union (EU). From ideologies, theoretical approaches and differentiated and at times, conflicting political proposals, but sustaining with consistency a link that has lasted and deepened for more than half a century. It is worth mentioning that relations between Mexico and the UE has aroused much interest, in the last decades. As the UE the third most important economic partner for Mexico. The second, provider of Foreign Direct Investment. Furthermore, Mexico and the UE share common western values, such us: respect of human rights, the principles of liberal democracy and believes in a multilateral order. Particular now, when the world face commercial wars, and the imposition of commercial wars and policies which generate political instability in the international scenario, that has been created by the current president of the United States, Donald Trump. Hence, both parties share the same interest in a multilateral order. Although Mexico and the EU have established one of the most important agreements in the world, known as the Global Agreement. However, relations between both parties, are fare to reach its maximum potential, for political, economic and even cultural reasons. For mention an example, Mexico concentrate more than 90 per cent of its foreign trade with just seven members of the 27 members of the UE. Those members are: Germany, Spain, Belgium, Italy, the United Kingdom (not member of the UE), Hungary and the Netherlands. From the part of Mexico, today more than ever it is a sine qua non condition for Mexico to seeks new trading partners among the 27 members of this organization, vis-á-vis the challenges faced by Donald Trump towards the USMCA. In this sense, Mexico could diversify its markets and reduce its economic dependence on the United States economy which accounts for more than 86 percent of Mexico's foreign trade on the international stage.