US EditionUruguay and Argentina become first Mercosur members to ratify the EU trade pact
Uruguay and Argentina ratified the pact after 25 years of negotiations to create a trade zone covering 700 million people and 30% of global GDP.
- On Thursday, Uruguay and Argentina ratified the EU‑Mercosur trade agreement, advancing the creation of one of the world’s largest free‑trade zones.
- Signed on January 17 in Asunción after 25 years of talks, the pact triggered a legal review when the European Parliament referred it to the EU Court of Justice on January 21.
- Uruguay’s lower house voted 91‑2, and Argentina’s Senate approved 69‑3 after the Chamber of Deputies' Feb. 12 approval.
- The ratifications put pressure on Brussels to act on provisional application, though the EU has not yet decided to do so, and Uruguayan Foreign Minister Mario Lubetkin called the vote `a signal`.
- The deal would eliminate or reduce tariffs on over 90% of bilateral trade and save EU exporters an estimated €4 billion per year, opening a market of about 700 million consumers and representing roughly a quarter of global GDP.
120 Articles
120 Articles
E.U. Pushes Ahead With South American Trade Deal Despite Legal Challenge
The European Union will forge ahead with putting in place a major trade deal with four South American countries, officials said on Friday, even after lawmakers began a legal challenge that could have delayed the agreement for years. Last month, lawmakers in the European Parliament referred the deal, which is set to create one of the largest free-trade zones in the world, with more than 700 million people, to the European Court of Justice. That h…
EU Commission Will Implement Mercosur Deal Before EU Court Decision
The European Union will implement the Mercosur deal while waiting for the European Court of Justice’s decision on its legality, EU Commission President Ursula von der Leyen said on Friday, February 27th. The European Commission move, announced after Argentina and Uruguay ratified the agreement Thursday, comes despite strong opposition from France. “The Commission will now proceed with provisional application,” von der Leyen announced, while stre…
After the Senate validated the EU-Mercosur agreement on Thursday, the national government enacted Act No. 27,800, which gives effect to the international treaty establishing a strategic and commercial partnership between Mercosur member countries and the European Union.The final sanction of the rule took place this Thursday at a special session of the Congress of the Nation and bears the signatures of the legislative authorities Bartolomé Esteba…
Uruguay was the first country to ratify the Mercosur Free Trade Agreement with the European Union.
Uruguay and Argentina were the first countries to ratify the Mercosur Free Trade Agreement with the EU, which would allow the EU Commission to put the agreement into force provisionally, which would mean that the tariffs between Argentina and the European Union would be abolished before all sides ratified the deal. On Thursday, the House of Representatives in Uruguay approved the agreement by a clear majority of 91 votes to two. Two hours later,…
Argentina and Uruguay have voted in favor of approving the Mercosur agreement with the EU, which still requires EU approval.
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