Mexico became the first of 11 signatory countries to ratify a revised trans-Pacific free trade pact, an accord that U.S. President Donald Trump abandoned last year, Reuters reported.
The Mexican Senate voted 73-24 to approve the new agreement, known as The Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
The revised accord will cut tariffs in countries that together account for more than 13% of the global economy amounting to a total of $10 trillion in output. The pact would have represented 40% of the world economy had the U.S. remained a party, according to Reuters.
Representatives of Australia, Brunei, Canada, Chile, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam reworked the deal, retaining most of the provisions of the original accord except some U.S. demands, including rules to ramp up intellectual property protection for pharmaceuticals.
Six of the 11 signatory countries must ratify the agreement for it to take effect.
"With this new generation agreement, Mexico diversifies its economic relations with the world and demonstrates its commitment to openness and free trade," Mexican President Enrique Peña Nieto said.
Mexico on April 21 struck a new free trade agreement with the EU amid increased protectionist sentiment around the world as the Latin American country seeks to reduce its reliance on the U.S. Mexico is currently in talks with the U.S. and Canada over a restructuring of the the North American Free Trade Agreement.
