Mexico City, Mexico - Mexico is "opening other horizons" of commercial opportunity with its new agreement with the European Union, President Claudia Sheinbaum said Tuesday, as fraught trade talks with the US ramp up.

Sheinbaum is expected to sign the EU-Mexico deal on May 22 when she hosts a bilateral summit in Mexico City with European Commission President Ursula von der Leyen.

The new economic pact comes as her country, the US, and Canada work on revising their trilateral free trade agreement, under the backdrop of President Donald Trump's tariff threats since returning to power.

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"It's really important we make progress on our talks... regarding the revisions [of USMCA] with the United States and Canada – fundamentally important – but we're also opening other horizons," Sheinbaum said in her daily press conference.

The leader noted that the modernization of the economic agreement with the European Union will attract greater foreign investment in Mexico and promote the sale of Latin American products in Europe.

In 2025, the European Union was the second-largest destination for Mexican exports after the US, with over $27 billion. Imports from the EU topped over $66 billion, the third largest source of products in Mexico.

The president of the Mexican Business Council of Foreign Commerce told AFP last week that companies in the EU could take advantage of the agreement to invest in Mexico.

Sheinbaum reiterated her disagreement with the tariffs imposed by Trump on the automotive and steel industries that have impacted Mexico, though she insisted there was "no bilateral tension" with the US.