"The European Commission took the first step on Wednesday to ratify a long-awaited free-trade package with Latin American countries: an agreement with Mexico, and, crucially, one with members of the Mercosur trading bloc. The EU spent over 25 years negotiating the deal with Argentina, Brazil, Uruguay and Paraguay, the four founding members of the Southern Common Market, or Mercosur. Bolivia, which joined the group only last year, and Venezuela, whose membership has been suspended, are not included in the deal."
"The EU says this would create one of the world's biggest trade zones with over 780 million people and could help soften the blow of US tariffs by opening new export opportunities. "It's probably one of the most significant and economically impactful trade argeements that have been concluded," Ignacio Garcia Bercero, senior fellow at the Brussels-based think tank Bruegel and former EU official told DW."
The European Commission initiated ratification of a free-trade package covering Mexico and Mercosur members Argentina, Brazil, Uruguay and Paraguay after over 25 years of negotiation. The agreement aims to lift over 90% of tariffs between the two blocs over several years, including reductions on European spirits and cars, and to grant preferential access to critical raw materials and green goods. The deal would create a trade zone of more than 780 million people and open export opportunities while allowing limited beef imports from Mercosur at a 7.5% duty. The agreement faces pushback from farmers, advocacy groups and European politicians.
Read at www.dw.com
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