Brussels, Belgium - The European Union and Mexico have launched talks to update a free trade agreement that one EU official says has already led to a rise of over 250% in goods traded between them.

European Union Trade Commissioner Cecilia Malmström said Monday the pact that went into effect in 2000 should be broadened to dismantle additional trade barriers and open markets more effectively.

Ildenfonso Guajardo Villarreal, Mexico's Secretary of Economy, said an updated agreement could be a win for both sides by benefiting Mexico's agro-industrial sector and European Union financial and service industries.

The first round of formal negotiations is scheduled for mid-June.

Malmström said: "We are old friend and allies in many ways." She noted Mexico was the first country in Latin America to sign a free trade agreement with the EU.