The EU and Mexico have finalised an “ agreement in principle ” to update their 18-year-old trade deal, with the revisions due to increase agricultural market access substantially, along with integrating an investment court system and opening up greater levels of access for bidding on government contracts. The new accord, which officials say still requires more “technical” work to be finalised, modifies the EU-Mexico Global Agreement, an accord that features economic and political cooperation provisions and was adopted in 1997. While the agreement’s terms on goods trade entered into force in 2000, the provisions on services trade took effect the following year. “We have updated an old agreement and made it in record time – only two years of negotiation. It’s a modern, up-to-date agreement that will benefit our consumers, our companies, small and big, and also boost the relationship between our countries,” said EU Trade Commissioner Cecilia Malmström. “This is a sign that we are not only creating economic possibilities, but we are also sending a signal to the world that Mexico and the European Union are open for business, that we believe in open, fair, and sustainable trade, and that we can make win-win trade agreements that are...