Sheinbaum Announces Update to Mexico-Switzerland Treaty: What It Entails?

The commercial relationship between Mexico and Switzerland is entering a new phase. President Claudia Sheinbaum announced the commencement of discussions to update the free trade agreement between Mexico and the European Free Trade Association (EFTA), an accord that has been in effect for the past 25 years.

The announcement was made following a meeting at the National Palace with the President of the Swiss Confederation, Guy Parmelin. This strategic moment for Mexican economic policy aims to diversify its international markets and strengthen ties with Europe amidst an increasingly competitive global landscape.

The modernization of the agreement not only seeks to boost trade but also to expand cooperation in innovation, sustainability, investment, and technological development, areas considered priorities for both nations. Currently, Switzerland is one of Mexico’s most significant economic partners in Europe. In turn, Mexico has established itself as Switzerland’s second most important trading partner in Latin America, while the European country ranks sixth among foreign investors in Mexican territory.

What Does the Update to the Mexico-Switzerland Treaty Contemplate?

The current trade agreement was signed between Mexico and the European Free Trade Association (EFTA), which comprises:

Switzerland
Norway
Iceland
Liechtenstein

After a quarter of a century, both governments have agreed that the treaty requires adaptation to new international economic dynamics. Although the specific chapters to be renegotiated have not yet been revealed, the intention is to incorporate issues that are fundamental to international trade today, including:

Trade facilitation.
Digitalization of processes.
Technological innovation.
Environmental protection.
Sustainable development.
Science and research.
Greater certainty for foreign investment.

During the bilateral meeting, Sheinbaum explained that the Mexican government presented the Swiss delegation with actions implemented to streamline administrative procedures, strengthen legal certainty for investments, and highlight the technical and professional capacity of Mexican talent. Furthermore, both leaders discussed scientific cooperation, the preservation of cultural heritage, and joint strategies to address environmental challenges. Another point the President emphasized was the alignment between both nations regarding the prioritization of the peaceful resolution of disputes, a principle that is part of Mexico’s foreign policy.

Mexico and Switzerland Strengthen a Long-Term Economic Relationship

The official visit also served to commemorate eight decades of diplomatic relations between the two countries. Additionally, Sheinbaum recalled that in 2027, 200 years will be celebrated since the establishment of the first Swiss consulate in Mexico, a fact that reflects the depth of a relationship that has evolved from diplomatic ties to become a significant economic alliance.

For his part, Guy Parmelin highlighted that bilateral investments and trade have maintained steady growth in recent years. “Economic exchanges and investment flows between Switzerland and Mexico have increased steadily, demonstrating the growing interest of our companies in Mexico,” he stated.

The European leader also underscored that Switzerland currently ranks sixth among countries with the highest accumulated investment in Mexican territory. The figures support this interest.

In 2025, bilateral trade reached a value of $4.272 billion, as reported by the Mexican President. This trade volume makes Switzerland a strategic partner for industrial, pharmaceutical, financial, and specialized manufacturing sectors.

Mexican Gold and Swiss Medicines Drive Trade Exchange

Trade between the two economies exhibits a very clear characteristic: each country participates in highly specialized production chains. In the Mexican case, the primary export product to Switzerland continues to be gold.

During 2024, Mexican sales of raw gold, powder, or semi-manufactured forms reached approximately $744 million. The states with the highest participation were:

Sonora: $573 million.
Mexico City: $287 million.
Baja California: $83.1 million.

Switzerland’s importance within this market is not by chance. The European country hosts one of the world’s most significant precious metal refining industries, making Mexican gold a strategic destination for its processing and international commercialization.

Conversely, Mexico primarily imports pharmaceutical products. During 2024, purchases of medicines and therapeutic products from Switzerland amounted to $317 million, consolidating this nation as one of the main suppliers of inputs for the health sector. The entities that concentrated these imports were:

Mexico City.
State of Mexico.
Chihuahua.

The Swiss pharmaceutical industry is globally recognized for its innovation and scientific development, which is why these products have a significant presence in the Mexican market.

Swiss Investment Maintains Presence in Strategic Sectors

In addition to trade, foreign investment constitutes another pillar of the bilateral relationship. During 2024, Foreign Direct Investment (FDI) from Switzerland reached $540 million, with resources primarily directed towards industrial, financial, and specialized services sectors. The entities that attracted the most investment were:

Mexico City: $551 million.
State of Mexico: $57.2 million.
Guanajuato: $39.1 million.

The presence of Swiss companies in Mexico extends to industries such as pharmaceuticals, advanced manufacturing, food and beverages. This is complemented by engineering, technology, financial services, and energy.

The update to the treaty precisely seeks to create better conditions for these flows to continue growing in the coming years. For the Mexican government, offering greater legal certainty and simplifying administrative processes is part of the strategy to attract new investments in an international context where companies are seeking more diversified supply chains.