"The EU had expected its 27 member states to approve the deal in time for European Commission President Ursula von der Leyen to fly to Brazil to sign an agreement with the host, along with Mercosur partners Argentina, Paraguay and Uruguay, on Saturday. I've already warned them: If we don't do it now, Brazil won't make any more agreements while I'm president, Lula told a cabinet meeting."
"The deal, more than two decades in the making, has been keenly backed by economic powerhouse Germany, along with Spain and the Nordic countries, amid rising Chinese competition and recent United States tariffs, which have increased the incentive to diversify trade. It would allow the EU to export more vehicles, machinery, spirits and wine to Latin America, and more beef, sugar, rice, honey and soya beans to flow in the opposite direction."
Brazilian president Luiz Inacio Lula da Silva warned he may abandon the long-awaited Mercosur-EU trade deal after Italy and France sought a delay. The EU had expected unanimous approval so European Commission President Ursula von der Leyen could sign with Mercosur partners Argentina, Paraguay and Uruguay in Brazil. The pact, more than two decades in the making, is backed by Germany, Spain and Nordic countries and aims to diversify trade amid rising Chinese competition and recent US tariffs. The agreement would boost EU exports of vehicles, machinery, spirits and wine and increase Latin American exports of beef, sugar, rice, honey and soya beans. France seeks protections for its agriculture and Italy is pursuing additional farmer safeguards while saying it does not intend to block the deal outright.
Read at www.aljazeera.com
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