Published • loading... • Updated
South America's Mercosur, Europe's EFTA Bloc Seal Trade Deal
BUENOS AIRES, ARGENTINA, JUL 2 – The agreement will remove duties on over 95% of goods and improve market access for over 97% of exports, opening a market of 270 million consumers, officials said.
- Mercosur and the European Free Trade Association signed a free-trade agreement on Wednesday at a summit in Buenos Aires hosted by Argentine President Javier Milei.
- The deal follows nearly a decade of negotiations that started in 2015 and faced a 2019 setback over environmental disagreements, with approval now pending parliamentary ratification by both blocs.
- The agreement will establish a free trade zone encompassing a population close to 300 million and a combined GDP surpassing $4.3 trillion, with most industrial and marine product tariffs being eliminated or lowered.
- Helene Budliger, Switzerland’s leading trade official, emphasized that finalizing this deal is crucial for EFTA nations, noting that discussions have accelerated even though the implementation date is still uncertain.
- As Brazil takes over the Mercosur presidency this Thursday, it aims to finalize approval of the agreement, although opposition from France and Spain—concerned about negative impacts on their farming industries—signals a challenging path ahead for ratification.
Insights by Ground AI
Podcasts & Opinions
41 Articles
41 Articles
The Treaty with the Efta states of Switzerland, Norway, Iceland and Liechtenstein is due to be ratified this year.
·Vienna, Austria
Read Full Article
Mercosur-EFTA deal: South America, Europe forge new economic corridor with free trade pact
South America's largest trading bloc, Mercosur has signed a trade deal with the four-nation European Free Trade Association (EFTA) after 10 years of negotiation amid global economic uncertainties
·Mumbai, India
Read Full Article
EFTA is made up of Iceland, the Principality of Liechtenstein, the Kingdom of Norway and Switzerland; the agreement will result in the creation of a free trade zone with a combined GDP of more than US$4.3 trillion
·Brazil
Read Full Article
Father's Day SaleGet 40% off Vantage subscriptions for yourself or a friend.Get Started
Coverage Details
Total News Sources41
Leaning Left2Leaning Right5Center2Last UpdatedBias Distribution56% Right
Bias Distribution
- 56% of the sources lean Right
56% Right
L 22%
C 22%
R 56%
Factuality
To view factuality data please Upgrade to Premium
