The world's largest free trade area is created - 830 million consumers benefit. EU-Mercosur agreement goes to vote
The European Commission has presented to the Council proposals for the final signature of the EU-Mercosur Partnership Agreement and the EU-Mexico Modernised Global Agreement. These important agreements form a critical part of the European Union's strategy to diversify trade relations and strengthen economic and political ties with partners around the world.
At a press conference in Brussels, Trade Commissioner Maros Sefcovic said that “these two agreements are strategic instruments that will help increase Europe’s role in the global economy in the coming decades.” “We are aware that there are concerns, especially from our farmers, and I want to assure everyone that we have heard them. In fact, this is a new Mercosur agreement,” said European Trade Commissioner Maros Sefcovic.
Last December, the European Union and the bloc of countries including Argentina, Brazil, Paraguay and Uruguay reached an agreement to create the biggest trade deal ever reached by the EU, some 25 years after negotiations began. The deal now needs to be approved within the union, which requires a vote in the European Parliament and a qualified majority among governments, meaning 15 out of 27 members representing 65% of the EU's population are needed.
The European Commission and key backers, such as Germany and Spain, say the Mercosur agreement offers a way to offset trade losses due to tariffs imposed by US President Donald Trump and reduce dependence on China, particularly for critical minerals.
But France, the EU's biggest beef producer, has previously called the deal "unacceptable," while Poland, another major agricultural power, has repeatedly voiced its opposition. But Polish Prime Minister Donald Tusk said on Wednesday that despite his reservations, he would not block the deal. He added that leaders were working to find a solution to mitigate the negative effects.
The agreement with Argentina, Brazil, Paraguay and Uruguay (EU-Mercosur Partnership Agreement) will create the world's largest free trade area, covering a market of over 700 million consumers, plus the EU-Mexico agreement, a country of around 130 million inhabitants. EU companies will enjoy first-mover advantage, benefiting from lower tariffs in a region where most other countries face high tariffs and trade barriers.
It is estimated that the agreement could increase annual EU exports to Mercosur countries by up to 39% or 49 billion euros, supporting more than 440,000 jobs across Europe.
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