Map of Mexico with economic indicators

For Mexico, which became increasingly integrated with the value chains of Canada and the United States after the North American Free Trade Agreement (NAFTA) entered into force in 1994, the Global Agreement with the EU has been part and parcel of an ambitious trade diversification strategy and of a shift from a former import substitution industrialisation model to an export-led economy. The EU, for its part, has sought NAFTA-equivalent market access to Mexico to counteract a NAFTA-entailed loss of competitiveness and trade diversion. Unlike its subregional integration policy for the rest of Latin America (except for Chile and Cuba), the EU has pursued a country-based approach to Mexico, a like-minded country. Accordingly, in 2009 the EU entered into a strategic partnership with Mexico; this partnership is based on close historic, cultural and economic ties and shared values, and is underpinned by sectorial dialogues. In a broader context, the two partners have worked together on global issues in international fora such as the Organisation for Economic Co-operation and Development (OECD) and the World Trade Organization (WTO)