Mexico and Switzerland have agreed to deepen their economic relationship and press ahead with modernizing the free trade agreement between Mexico and the European Free Trade Association (EFTA), aiming to widen openings for investment, commerce and cooperation between the two nations.
The commitment emerged from a meeting led by Luis Gutiérrez, Deputy Minister of Foreign Trade, Ministry of Economy, and Guy Parmelin, President, Swiss Confederation. Both sides restated their intent to update the trade accord linking Mexico with the EFTA bloc, made up of Switzerland, Norway, Iceland and Liechtenstein, as well as the separate bilateral free trade agreement between the two countries. The pact with EFTA has been in force for roughly 25 years.
The session followed an earlier encounter between President Claudia Sheinbaum and the Swiss leader, where both governments flagged the need to strengthen economic ties and use the modernization of existing trade instruments to open fresh business channels. Parmelin traveled to Mexico with a high-level delegation, and representatives of 30 Swiss firms and the Swiss Chamber of Commerce in Mexico joined the meeting to share views on investment and cooperation prospects across various productive sectors.
The Ministry of Economy described Switzerland as a strategic European partner, ranking as Mexico’s eighth-largest trading partner on the continent and its seventh-largest source of foreign direct investment from Europe. Swiss companies hold a meaningful footprint in priority industries including food, pharmaceuticals, manufacturing, technology and services.
The federal agency reiterated its willingness to keep close dialogue with the Swiss private sector and pursue a work agenda focused on easing investment, reinforcing business certainty and broadening bilateral cooperation in strategic sectors. Through the effort, the Mexican government is seeking to leverage the modernization of its trade agreements with Europe to diversify its economic ties, attract new capital and reduce reliance on the US market amid mounting global trade uncertainty.
The Switzerland outreach forms part of a broader diversification push that also includes a modernized Mexico–European Union agreement. At the leaders’ meeting, both sides reaffirmed commitments to expand Swiss investments exceeding US$2.1 billion, with the visit coinciding with the 80th anniversary of diplomatic relations. In 2025, Mexico’s exports to Switzerland reached US$1.59 billion while imports totaled US$2.27 billion, leaving a net trade deficit of US$679 million in Switzerland’s favor. Both governments said ministries would continue working sessions to advance the frameworks discussed, though no firm signing timeline has been set.
The talks unfold against uncertainty surrounding the coming USMCA review. Sheinbaum has argued that Mexico’s growth does not depend exclusively on a single trade agreement, pointing to the modernized Mexico–EU accord and a wider network of pacts as a buffer. Mexico currently holds 23 free trade agreements, ranking seventh globally, part of a strategy to broaden its export base beyond North America as US trade policy shifts.