US EditionSouth 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.
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Total News Sources40
Leaning Left2Leaning Right5Center1Last UpdatedBias Distribution63% Right
Bias Distribution
- 63% of the sources lean Right
63% Right
L 25%
13%
R 63%
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