The "Economic Partnership, Political Coordination and Cooperation Agreement between the European Community and its Member States, of the one part, and the United Mexican States, of the other part" was signed in 1997 and came into force in November 2000. The Agreement is commonly called the "Global Agreement".
The Agreement includes the following recommendation on inter-parliamentary dialogue: "The Parties underline the advisability of institutionalising a political dialogue at Parliamentary level by means of contacts between the European Parliament and the Mexican Congress (Chamber of Deputies and Senate)."
The Agreement also specifies the essential elements of bilateral relations between the European Community and Mexico. Political dialogue is instituted, and trade and economic relations are intensified with a free trade area for goods and services.
The Agreement's signatories affirm "the value of human dignity and of the promotion and protection of human rights as cornerstones of a democratic society, as well as the essential role of democratic institutions based on the rule of law".
In May 2016, the EU and Mexico launched the negotiations to modernise the Global Agreement, including rules on trade.