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The European Commission reaches an agreement with Mercosur countries/ What it foresees

2024-12-07 09:46:00, Kosova & Bota CNA

The European Commission reaches an agreement with Mercosur countries/ What it

In addition to the host country Uruguay, the Mercosur economic community includes Brazil, Argentina and Paraguay. The free trade agreement creates one of the largest trade areas in the world, with more than 700 million inhabitants. It would cover almost 20 percent of the global economy and more than 31 percent of global merchandise exports.

The European Commission reaches an agreement with Mercosur countries/ What it

It is not certain whether the deal will receive the required qualified majority within the European Union, meaning the support of at least 15 countries representing at least 65 percent of the population. After France and Poland, Italy recently joined the criticism. The government of Rome demands guarantees and compensation for the agricultural sector. The German government, on the other hand, welcomed the agreement.

The European Commission reaches an agreement with Mercosur countries/ What it

What does the agreement provide?

As of this year, Bolivia has also been part of the Mercosur group - but is currently not included in the agreement. The text of the Agreement has been negotiated for 25 consecutive years. In 1999, EU countries gave a mandate to the European Commission. In 2019, both sides reached a political agreement in principle.

The agreement is essentially about reducing trade barriers. Customs duties should be removed for 91% of goods traded between the EU and Mercosur. According to the calculations of the European Commission, this would save European exporters about four billion euros per year./ DW





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