US EditionWhat Happens Next in EU-Mercosur Trade Deal Saga?
The treaty removes tariffs on over 90% of trade, covering cars, wine, and agricultural products, linking markets with 700 million consumers and 30% of global GDP.
- On Saturday, the EU and Mercosur will sign a deal 25 years in the making in Asuncion, with European Commission President Ursula von der Leyen, European Council head Antonio Costa, and EU Trade Commissioner Maros Sefcovic attending.
- Sweeping tariffs from US President Donald Trump's administration pushed countries scrambling for new partnerships, prompting EU and Mercosur to close the treaty amid rising protectionism.
- The treaty eliminates tariffs on more than 90 per cent of bilateral trade and reshapes market access by favouring European industrial exports of cars, wine and cheese while easing South American agricultural exports into Europe.
- European farmers opposed the deal, fearing cheaper South American products, while trade researcher Luciana Ghiotto estimates Argentina could lose 200,000 automotive jobs.
- Together the EU and Mercosur account for 30 per cent of global GDP and more than 700 million consumers, while Brazil's President Luiz Inacio Lula da Silva will not attend the signing as von der Leyen stopped in Rio de Janeiro on Friday to meet him.
52 Articles
52 Articles
Free trade agreement between the EU and Mercosur countries is signed
The show had been going on for 25 years. The European Union and the Latin American Mercosur countries signed a free trade agreement in Paraguay this Saturday, which has been under negotiation since the beginning of the 2000s. France, Poland and several other European countries have not changed anything, an alliance between two blocs that bring together more than 700 million consumers and account for 30% of the world's GDP.
The President of the European Commission, Ursula von der Leyen, signed on Saturday in Paraguay the Free Trade Treaty between the European Union and the Mercosur countries.
The Local - De
EU to ink long-awaited trade deal with South American bloc
The European Union will on Saturday sign a deal 25 years in the making with the South American trade bloc Mercosur, creating one of the world's largest free trade areas at a time of growing protectionism and volatility.
The Latin American countries of Mercosur and the European Union are preparing to sign, this Saturday in Paraguay, a historic treaty creating one of the largest free trade zones in the world.
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