Brazil calls for a ‘free trade agreement’ with the EU
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MERCOSUR member foreign and economy ministers gathered at the Amanha Museum in Rio de Janeiro, hosted by Brazil.
Speaking here, Foreign Minister Vieira said that the agreement with the EU was “strategic” and that they hoped the free trade agreement would be signed “very soon”.
Reminding that negotiations with the EU are continuing, Vieira said: “Our expectation is to sign the partnership agreement with the EU very soon. In this way, we strengthen our identity as an actor in the global economy. MERCOSUR economies will increase both our exports and competitiveness in the European market and will benefit from the acquisition of new technologies.” he said.
Stating that they will soon hand over the MERCOSUR term presidency to Paraguay, Vieira stated that they have made “significant” progress in the negotiations with the EU in the last 6 months.
Established in 1991, MERCOSUR aims to accelerate political and economic rapprochement between Brazil, Argentina, Uruguay and Paraguay.
After nearly 20 years of difficult negotiations between the EU and MERCOSUR, the main terms of a potential trade agreement were agreed in June 2019. The agreement, which is controversial in both South America and Europe, has been suspended since 2019. While some countries want to protect their markets, other countries are concerned about harm to their workforce or the environment.
If the MERCOSUR-EU agreement is approved, it will create one of the largest free trade zones in the world with a population of more than 700 million.
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