LatinNews Daily - 09 July 2026

*The European parliament has approved the modernised global agreement (MGA) between Mexico and the European Union (EU) that was signed in May, which updates a trade agreement first signed in 2000. European legislators approved the MGA with 479 votes in favour, 119 against, and 65 abstentions. The MGA still needs to be ratified by all 27 EU member states and by Mexico. According to a statement from the European parliament, Mexico is the EU’s second-largest Latin American trading partner, while the EU is Mexico’s third-largest trading partner and its second-largest export market after the US. Mexico’s President Claudia Sheinbaum said yesterday that that the MGA will “facilitate investments, facilitate the export of Mexican products to Europe, and ensure new markets beyond the North American market”. She said that “we continue advancing our relationships with other countries”. This comes after the US government opted on 1 July not to renew Mexico’s most important trade agreement, the US-Mexico-Canada Agreement (USMCA), for another 16 years. While the agreement remains in place, this has triggered an annual review process.

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