The recently announced novel agreement will replace the previous arrangement and represent the new institutional framework for relations between the European Union and Mexico. The treaty has an ambitious and particularly advanced structure which will probably be an example for negotiations with other Central and South American countries. It includes provisions on sustainable development and the effective implementation of the Paris climate agreements, the protection of human rights and political cooperation. It is also the first agreement that the European Union signs with a Latin American country with specific investment protection rules and the first ever to include measures to combat corruption and money laundering.

The most substantial part of the Global Agreement is dedicated to new trade liberalizations. The negotiated text reads that almost all trade in goods between the EU and Mexico will be duty free, including in the agricultural sector. Simplification of customs procedures will benefit the Union industry, including the pharmaceutical industry, machinery and transport equipment.

This is an agreement with very positive clauses for the Italian agri-food sector and, in the Agreement, it also provides for the recognition of 340 European Geographical Indications, which will be guaranteed against imitations and counterfeits, including 33 Italian PDO / PGI and 31 of Italian wine.

Trade in goods and services between the European Union and Mexico has grown by an average of 8% per year since 2000, the year of the previous trade agreement. In 2019 the EU - Mexico trade exchange had a total value of 85 billion euros, with a surplus on the European side of 39 billion euros. Mexico trade is now heavily reliant on the United States as its main export market. In fact, 75% of its exports end up North of the border.   The  USMCA  or T-MEC agreement (old NAFTA) has strengthened its ties to both the US and Canada. The Agreement with the EU represents for Mexico an important step in the direction of a greater and more balanced differentiation of trade flows.