EU Barroso : To Explore Widening EU-Mexico Trade Agreement
06/17/2012| 04:21pm US/Eastern
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LOS CABOS, Mexico--The European Union will look at deepening its trade and investment relationship with Mexico, building on a free-trade agreement which has been in place since 2000, European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy said Sunday.
"We agreed to explore the upgrading of the EU-Mexico Global Agreement to further strengthen our trade and investment relationship," the presidents said in a joint statement. "The EU and Mexico are strong partners in promoting universal human rights, fighting climate change and fostering free trade."
Bilateral trade between the 27-nation EU and Mexico was at an all-time high of more than EUR40 billion in 2011, the statement added. The meeting took place ahead of the summit of the Group of 20 industrial and developing nations in Los Cabos Monday.
Turning to other trade issues in the Americas, the leaders echoed statements made by Mexico President Felipe Calderon in April that slammed Argentina's decision to renationalize oil company YPF SA (YPF), saying the expropriation was illegal.
Promoting economic growth "requires a suitable atmosphere for private investment, including the promotion of economic integration, trade liberalization and respect for private property," the statement said. "The Leaders underlined the importance of legal certainty in the development of foreign investment in Latin America."
The leaders also pushed to reinvigorate the stalled Doha round of trade talks, which remain on hold following the latest ministerial meeting of the World Trade Organization last December.
"Leaders highlighted the importance of giving fresh impetus to the Doha negotiations with a view to achieving results in areas with potential for solution and in the interest of Least Developed Countries," the statement said. "The Leaders will intensify efforts to find ways and approaches to overcome the most critical and fundamental stalemates in specially challenging areas."
Write to Frances Robinson at frances.robinson@dowjones.com.
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