The agreement was adopted by the Council of the European Union on 28 September 2000, after the contracting parties stagnated the necessary notification to enter into force of the agreement and came into force on 1 October 2000. On 14 July 1998, a joint committee of the interim agreement was established and negotiations were initiated for a free trade agreement. Nine rounds of negotiations took place between November 1998 and November 1999. Negotiations on the free trade agreement between Mexico and the EU, concluded on 24 November 1999. Mexico and the European Union successfully concluded negotiations for an updated trade agreement on 28 April 2020, pending approval by both sides.  In April 2018, the EU and Mexico reached an „agreement in principle“ on the trade side of a modernised global agreement between the EU and Mexico. On 30 May 2016, Mexico and the European Union formally began talks to update their current free trade agreement. The first round of negotiations for the modernization of the agreement was held in Brussels, Belgium, on 13 and 14 June 2016. The second round of negotiations for the modernization of the agreement was held in Mexico City from 22 to 25 November 2016.
Both sides are in the process of finalizing the legal revision of the text of the modernized agreement. After translation into all EU languages, it is sent to EU Member States and the European Parliament for signature and conclusion. On 28 April 2020, the EU and Mexico concluded the last outstanding element of negotiations on their new trade agreement, namely the exact scope of reciprocal opening of public procurement at the sub-central level. On behalf of the Mexican government, the ministries of foreign affairs and the economy announce the success of negotiations for a new global agreement with the European Union. It covers political, economic and cooperation aspects, in order to strengthen political dialogue, boost trade and investment and strengthen technical and scientific cooperation in the interests of both companies. The new agreement will replace a previous agreement between the EU and Mexico in 2000. The eighth round of negotiations took place in Mexico City from 8 to 7 January 2018. The ninth round of negotiations began on 12 February 2018 in Mexico City. On 21 April 2018, Mexico and the European Union concluded negotiations for a new global agreement.
The new agreement includes political, economic and cooperative aspects to strengthen political dialogue, boost trade and investment and strengthen technical and scientific cooperation between the two sides. The Free Trade Agreement between Mexico and the European Union (EU-MX FTA) is a trade agreement between the European Union and Mexico.