A new free trade agreement between Mexico and the European Union is likely to be finalized in the coming weeks, according to a senior Mexican official.

During a recent radio interview, Mexico's deputy economy minister Juan Carlos Baker said negotiations will resume between the two parties during the week beginning February 5th, following the recent conclusion of the eighth round of talks.

According to Reuters, Mr Baker said: "We're working to get this done within the next few weeks."

Mexico and the EU are looking to update an existing trade agreement dating back to 2000, with the scope of the current deal limited to industrial products. By contrast, the new pact would also encompass farm produce, government procurement and investment.

Bringing this agreement to a swift conclusion would underline Mexico's ongoing commitment to free trade and reduce its reliance on the US, both of which have become much more important given the US government's threat to withdraw from the North American Free Trade Agreement.