US EditionSouth America's Mercosur, Europe's EFTA Bloc Seal Trade Deal
- On Wednesday, Mercosur and the European Free Trade Association finalized a trade agreement during a summit held in Buenos Aires under the leadership of Argentina’s President Javier Milei.
- Negotiations began in 2015, formally opened in 2017, and faced a setback in 2019 due to environmental disagreements, while the EU-Mercosur deal was clinched late last year amid opposition.
- The agreement will abolish or reduce customs duties on industrial goods including fish, cover investment and intellectual property, and aims to boost trade between blocs totaling nearly 300 million people.
- According to a joint statement, the agreement will enhance market opportunities for over 97% of exports from both parties, while EFTA’s lead trade negotiator, Helene Budliger, emphasized that finalizing the deal is a top priority with negotiations now stepping up.
- The deal awaits ratification by all member parliaments, with Brazil likely to ratify during its Mercosur presidency, but France and Spain oppose due to fears of harm to their agricultural sectors.
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Total News Sources24
Leaning Left2Leaning Right4Center1Last UpdatedBias Distribution57% Right
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57% Right
L 29%
14%
R 57%
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