In recent news, the European Union (EU) and Mexico have agreed to update their current free trade agreement, which was first signed back in 2000. This new version of the agreement will significantly expand upon the previous one, adding provisions to cover digital trade, sustainable development, and new areas of cooperation.

The EU-Mexico free trade agreement has long been considered a critical component of the economic relationship between the two regions. In 2019, the trade of goods and services between the EU and Mexico amounted to $92.7 billion. The new agreement is likely to further strengthen trade ties, which will bring substantial benefits to both parties.

One of the most significant additions to the updated agreement is the inclusion of digital trade provisions. This will ensure that businesses can operate seamlessly across borders, making it easier for them to reach new markets and customers. The agreement also provides for the protection of personal data and intellectual property rights, which is crucial in today`s digital age.

Sustainable development is another crucial area that the updated agreement addresses. The agreement includes an ambitious chapter on trade and sustainable development, which aims to ensure that economic growth is achieved alongside social and environmental objectives. This includes measures to promote green investment, protect workers` rights, and combat climate change.

The updated agreement also includes new areas of cooperation, such as research and innovation, education, and culture. These areas of collaboration will help to deepen the relationship between the EU and Mexico and create new opportunities for businesses, researchers, and citizens.

In conclusion, the updated EU-Mexico free trade agreement is a significant milestone for the economic relationship between the two regions. The inclusion of digital trade provisions and sustainable development measures will help to ensure that economic growth is achieved in a responsible and sustainable manner. The new areas of cooperation will provide further opportunities for collaboration and growth, benefiting both the EU and Mexico.