US EditionMercosur, four-nation European trade bloc seal sweeping trade deal
BUENOS AIRES, ARGENTINA, JUL 9 – The agreement will eliminate tariffs on most goods and improve market access for over 97% of exports between Mercosur and EFTA, covering nearly 300 million people.
- On July 2, 2025, representatives from the South American trade bloc comprising Argentina, Brazil, Paraguay, and Uruguay, and the European association including Iceland, Liechtenstein, Norway, and Switzerland, concluded negotiations on a free trade agreement in Buenos Aires.
- The agreement comes after nearly ten years of discussions, including renewed negotiations in April 2024, and will establish a trade zone encompassing close to 300 million individuals.
- The agreement will cut duties on nearly all trade flows, covering goods such as Brazilian poultry, Argentinian beef, and Norwegian salmon, but faces opposition from France and EU farm groups.
- More than 97% of exports will benefit from improved market access, with US$3.8 billion in EFTA goods imported by Mercosur, including US$3 billion from Switzerland alone last year.
- The agreement awaits legal review and parliamentary approval, signaling a major expansion in bilateral trade but requiring resolution of agricultural concerns before ratification.
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33 Articles
Tariff negotiations between the European Union and the United States could soon move forward significantly. The EU will try to conclude a preliminary agreement this week that would ensure that member states continue to pay a 10 percent tariff on goods exported to the United States. It would also provide a framework for negotiations on a more permanent trade agreement.
A preliminary agreement is expected by Wednesday, according to sources, with an implementation scheduled for 1 August. Negotiations are accelerating to obtain exemptions from a tariff base of 10% in certain strategic sectors.
Prospective US-EU trade deal buoys markets
Washington reportedly offered Brussels a relatively benign trade deal, helping calm markets worried by fresh White House tariff threats. The agreement would largely leave American import duties at 10%, Politico said, lower than US President Donald Trump’s “Liberation Day” tariffs. Still, European officials cautioned that any agreement would only be preliminary, and from their perspective amounts to damage mitigation because duties would be highe…
The South American Mercosur countries have agreed on a free trade agreement with the four member countries of the European Free Trade Association (EFTA).
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