Executive summary

This edition of Trade Talking Points provides updates on trade policy developments, including the United States (US)-European Union (EU) Action Plan for Critical Minerals Supply Chain Resilience, the EU-Mercosur Interim Trade Agreement, and Mexico's ratification of the United Kingdom's (UK) accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Latest US trade policy announcements

USTR announces US-EU Action Plan for Critical Minerals Supply Chain Resilience

On 24 April 2026, US Trade Representative (USTR) Ambassador Jamieson Greer announced an agreement on the US-EU Action Plan for Critical Minerals Supply Chain Resilience.

The Action Plan will serve as the primary US-EU mechanism for coordinating trade policies and measures on critical minerals supply chains, with a view to concluding a binding plurilateral agreement on trade in critical minerals.

Both parties agreed to:

• Discuss the feasibility and development of coordinated trade policies and mechanisms, including market and trade measures based on reference prices, such as border-adjusted price floors
• Consider any provisions that would be necessary to ensure supply chain resilience, such as technical and regulatory cooperation, and investment promotion and screening cooperation

Latest EU trade policy announcements

EU-Mercosur Interim Trade Agreement

On 24 April 2026, the European Commission confirmed that the EU-Mercosur Interim Trade Agreement (ITA) will enter into provisional application on 1 May 2026.

Preferential tariff treatment will apply to goods that:

• Comply with the provisions of Chapter 3 of the ITA — covering Rules of Origin and Origin Procedures
• Were in transit or held in temporary storage on the date on which the ITA enters into force

To qualify, importers must submit a statement regarding origin to the customs authorities of the importing party within six months of the ITA's provisional application.

Council of the EU announces 20th round of sanctions on Russia

On 23 April 2026, the Council of the EU announced its adoption of the 20th round of trade sanctions on Russia.

The key aspects of the sanctions include:

• For the first time, the EU has activated its anti-circumvention tool by prohibiting the export of computerized numerical-control machines and radios to Kyrgyzstan.
• The EU will expand the existing export ban to include goods such as laboratory glassware, certain chemicals and articles made of steel.
• The EU has introduced further restrictions on the import of goods from Russia, including certain raw materials, certain metals and minerals and articles made of vulcanized rubber.
• The EU will introduce a quota for Russian imports of ammonia.

EU and South Korea endorse final text of Digital Trade Agreement

On 17 April 2026, the European Commissioner for Trade and Economic Security, Maroš Šefcovic, and the South Korean Minister for Trade, Yeo Han-koo, co-chaired the thirteenth EU-Republic of Korea Trade Committee.

Both parties further strengthened their bilateral relations by holding their first Strategic Dialogue on Trade, Supply Chains and Technology. In addition, they endorsed the final text of the EU-Korea Digital Trade Agreement (DTA), which will be signed at the EU-Korea Summit later this year.

The DTA aims to provide binding rules that build consumer trust and ensure predictability and legal certainty for businesses, as well as trusted cross-border data flows.

Latest UK trade policy announcements

Mexico ratifies the UK's accession to the CPTPP

On 23 April 2026, Mexico ratified the UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The UK must wait 60 days to access CPTPP provisions with Mexico (i.e., from 22 June 2026).

The CPTPP is in force between the UK and nine other member states, including Japan, New Zealand and Vietnam. Canada is now the only country that has yet to ratify the UK's accession to the CPTPP.

Latest global trade policy announcements

India and New Zealand sign Free Trade Agreement

On 27 April 2026, India and New Zealand signed the India-New Zealand Free Trade Agreement (FTA).

The signing follows the completion of FTA negotiations on 22 December 2025. Both parties have agreed that:

• All Indian exports to New Zealand will receive duty-free access, covering all tariff lines.
• India will liberalize 70.03% of tariff lines for New Zealand exports, covering 95% of the bilateral trade value.
• India's sensitive sectors are excluded from liberalization, including dairy products, agricultural products, copper and articles thereof, and aluminum and articles thereof.

The FTA will enter into force following the completion of all domestic procedures and ratification by both parties.