US EditionBrazil's Congress ratifies EU-Mercosur trade deal
Brazil's Senate unanimously approved the deal establishing a free-trade area covering over 700 million consumers and eliminating tariffs on more than 90% of bilateral trade.
- Yesterday, Brazil's Senate unanimously ratified the Mercosur-EU free-trade deal, following approval by the lower house and moving the pact closer to implementation.
- Following decades of negotiation, supporters say the deal gained fresh impetus amid sweeping tariffs and trade threats from US President Donald Trump.
- The agreement covers more than 700 million people and about 30 percent of global GDP, eliminating tariffs on over 90 percent of bilateral trade, EU officials say.
- The European Commission announced last week it would provisionally implement the deal, while Paraguay's parliament still needs to ratify it.
- European opponents, including France, have pushed for safeguards amid protests by European farmers, while Spain and Germany support the deal and Bolivia may join in the coming years.
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55 Articles
Federal Foreign Minister Wadephul welcomed Brazil's ratification of the Mercosur Agreement.
After Uruguay and Argentina, Brazil also agrees to free trade. The deal negotiated for more than 25 years is also to be applied provisionally in the EU.
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der Standard DEAfter Argentina and Uruguay, Brazil is the third country to agree to the agreement, which aims to create one of the largest free trade areas.
All that is now missing is a favourable vote by the Paraguayan Parliament for the agreement, which raises tensions in Europe, to be validated by all the signatory countries of the South American bloc.
Step by step, the free trade agreement signed by the European Union and Mercosur last January, in Asunción, is taking shape after 26 years of arduous negotiations. The Brazilian Senate approved, by assent in a symbolic vote, this Wednesday afternoon the pact that creates the largest free trade zone on the planet. Blessing the treaty both in the lower house and in the Brazilian upper house, only the signature of President Luiz Inácio Lula da Silv…
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