The European Parliament on Wednesday approved an updated trade agreement between the European Union and Mexico, clearing the way for expanded market access, lower tariffs and closer cooperation on security and climate issues.

“Europe is strengthening its partnership with Mexico,” European Parliament President Roberta Metsola said after the vote.

“The European Parliament has just voted in favour of two important agreements that will deepen political cooperation and unlock new trade, investment and job opportunities on both sides of the Atlantic.”

Lawmakers backed the deal by 474 votes to 131, with 60 abstentions, replacing a trade framework that has governed EU-Mexico relations since 2000.

The agreement eliminates tariffs on 99 percent of traded goods and is expected to boost agricultural exports by removing or reducing duties on a wide range of European products entering Mexico.

Tariffs will fall to zero on annual quotas of 13,000 metric tons of pork, 20,000 metric tons of cheeses and 13,000 metric tons of dairy preparations, replacing the current 45 percent duty.

Mexico will also eliminate tariffs on EU exports including pasta, chocolate, confectionery, blue cheeses, potatoes, canned apples and peaches, eggs and poultry products, some of which currently face duties of up to 100 percent.

The agreement strengthens protection for 568 European geographical indications, including products such as Rioja wine, Parma ham and Roquefort cheese, helping prevent counterfeiting and imitation sales.

It also expands access for European companies to Mexican public procurement markets and reduces barriers in sectors including financial services, transport and raw materials.

In a separate vote, lawmakers approved the modernized Global Agreement, committing both sides to deeper cooperation on security, climate change, gender equality and health.

The broader agreement will take effect once it is ratified by all 27 EU member states.

The vote comes as the EU continues to strengthen trade ties with Latin America following the provisional entry into force of its trade agreement with Mercosur earlier this year.