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May 21, 2021

Ford writes to EU ministers over Mexico trade deal

Ford Europe president Stuart Rowley has written an open letter to EU state trade ministers asking for more urgency in ratifying trade deals - such as the one 'in the bag' with Mexico.

By David Leggett

Ford Europe chief Stuart Rowley has written an open letter to the trade ministers of a number of EU states to express concerns over trade arrangements between Europe and other parts of the world, with a particular focus on Mexico – where Ford makes the Mustang Mach-E which is now being launched in Europe.

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Under current trade arrangements finished vehicles imported to the EU bloc and not covered by any other bilateral trade agreement attract a 10% tariff.

Ford of Europe president Stuart Rowley said in his letter that he wants to see a proactive European trade policy and believes there is “much we can improve”.

Rowley welcomed the recognition from the European Commission of the need to create the conditions for the ratification of agreements with Mercosur and Mexico, but added that “now is the time to turn those words into actions”.

“I commented last year that economic growth in Europe could be boosted if the EU would finalize several free trade agreements that are tantalizingly close to completion — and are ready and waiting to be implemented following years of negotiations — but are still awaiting final ratification and sign-off,” Rowley said.

“I wrote, in particular, about the EU—Mexico Free Trade Agreement. Political agreement was first reached in 2018, followed by a further detailed deal more than a year ago. It is a modern agreement, with sustainability objectives and new technology, such as electric vehicles and batteries, at its heart. Yet, three years on, it remains stuck in ‘no man’s land’, mired in a complex ratification process.”

Rowley also pointed out that Ford has an interest in this particular free trade agreement as “we are exporting Polish-built batteries to be assembled in our Mustang Mach-E electric vehicle, assembled in Mexico and currently launching in Europe. But the point remains that this deal is ready to be done, alongside other pending agreements.”

Rowley called for “greater urgency and to show the EU’s ambition to reach out internationally and use trade to help kickstart the global economy”.

“We have the EU-Mexico agreement quite literally in the bag. Let’s get on with it and the other close to completion trade deals to help support the economic recovery,” he said.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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