The FTA signed in 2004 was the first agreement of its kind to be signed between the T-MEC and Mercosur countries, and enabled trade between the two nations to increase fivefold.
Uruguay and Mexico celebrated the twentieth anniversary of the Free Trade Agreement (FTA) signed between both countries, which allowed bilateral trade to increase fivefold since it came into force on July 15, 2004.
In a joint statement between the Uruguayan and Mexican foreign ministries, both countries recalled the important event for trade, which, in turn, constituted the first agreement of this type signed between the countries of the current USMCA —which brings together Mexico united states and Canada- and the Mercosur.
According to the document, in 2003 total trade between the two countries was approximately 135.8 million dollars, and since the implementation of the TLC, This value increased fivefold in 2023, reaching $657.4 million.
“The FTA has been a fundamental pillar in the promotion of bilateral trade, facilitating the exchange of goods and services, investments and promoting the development and integration of the two economies,” said the statement shared by the Ministry of Foreign Affairs of Uruguay and the eponymous secretariat of Mexico. The agreement included the negotiation of nearly 98% of tariffs and established favorable conditions for bilateral trade.
2024 also marks two other anniversaries in the relationship between the two countries: 123 years since the establishment of diplomatic relations and 15 years since the signing of the Strategic Partnership Agreement (SPA).
During 2023, Mexico It became the seventh export destination for Uruguayan products, concentrating 3% of the placements, according to the Annual Foreign Trade Report of Uruguay XXI. The main product sent to Aztec lands was beverage concentrate, worth 162 million dollars, to the point that it was the majority destination for this item.
Dairy products also had a significant share in the North American country, with 4% of the sector’s exports sent to that nation.
Source: Ambito
