The EU and Mexico announced Tuesday that they have concluded a trade agreement four years in the making.

“While most of our efforts have been focused lately on tackling the Coronavirus crisis, we have also been working to advance our open and fair trade agenda,” said EU Commissioner for Trade Phil Hogan, who announced the agreement’s conclusion. “I am very pleased, therefore, that together with our Mexican partners, we share similar views and that our continued work could now come to fruition.”

Mexico is the EU’s second-largest trading partner in Latin America, after Brazil, and is responsible for €66 billion in products and services each year. Furthermore, 400,000 Mexican employees are employed by European firms.

The most prominent feature of the new trade agreement, explains a European Commission memo, is the removal of import customs and duties between Mexico and EU member states. These new provisions enable the agreement to replace the 1997 EU-Mexico Trade Agreement. The new agreement removes many commodities tariffs such as those that apply to milk, cheese and pork. Additionally, the new agreement reinforces hygiene standards, institutes new trademark protections and focuses especially on fair trade conditions.

“Today’s agreement is clear evidence of our shared commitment to advance our agenda of partnership and cooperation,” said Hogan. “This agreement—once in force—will help both the EU and Mexico to support our respective economies and boost employment.”