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Argentina, Mexico deepen economic accord in bid for free trade agreement
July 29, 2016 / 10:53 PM / a year ago

Argentina, Mexico deepen economic accord in bid for free trade agreement

BUENOS AIRES, July 29 (Reuters) - The presidents of Argentina and Mexico agreed to deepen a pre-existing commercial accord on Friday, in a bid to set the groundwork for a bilateral free trade agreement.

The ACE 6, as the treaty is called in Spanish, lowers tariffs on some products and includes a number of principles regulating trade. It has been in effect since 1987, though leaders have attempted to renegotiate aspects in recent years.

“Starting from the deepening of the ACE 6, we hope to have a free-trade agreement next year,” Argentine President Mauricio Macri said at the Argentina-Mexico Economic Forum in Buenos Aires.

Also speaking at the forum, Mexican leader Enrique Pena Nieto said the deepening of the accord “allows us in the not too distant future to aspire to a larger agreement and one of free trade.”

Commercial relations between the two nations soured under the leftist presidency of Cristina Kirchner who was in office from 2007 to December 2015.

Since succeeding Kirchner, center-right Macri has unwound the protectionist policies of his predecessor while traveling extensively in a bid to court international investors and improve relations with trade partners.

Reporting by Gram Slattery and Walter Bianchi; Editing by Bernard Orr

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