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EU and Mercosur reach agreement on trade

The European Union and Mercosur have reached a political agreement for a comprehensive trade agreement. The new trade framework is part of a wider Association Agreement between the two regions.

The EU is the first major partner to strike a trade pact with Mercosur (Argentina, Brazil Paraguay and Uruguay). The agreement will cover a population of 780 million.

The agreement will remove the majority of tariffs on EU exports to (...)

The agreement will remove the majority of tariffs on EU exports to Mercosur. (Photo: © European Commission 2019)[pt_br O acordo eliminará a maioria dos direitos aduaneiros sobre as exportações da UE para o Mercosul. (Foto: © Comissão Europeia 2019)

Through this trade pact, Mercosur countries have decided to open up their markets to the EU. This is obviously great news for companies, workers and the economy on both sides of the Atlantic, saving over €4 billion worth of duties per year. This makes it the largest trade agreement the EU has ever concluded,” President of the European Commission Jean-Claude Juncker.

The agreement will remove the majority of tariffs on EU exports to Mercosur, making EU companies more competitive by saving them EUR 4 billion worth of duties per year. As regards EU industrial sectors, this will help boost exports of EU products that have so far been facing high and sometimes prohibitive tariffs. Those include cars (tariff of 35%), car parts (14-18%), machinery (14-20%), chemicals (up to 18%), pharmaceuticals (up to 14%), clothing and footwear (35%) or knitted fabrics (26%).

Next steps

Both sides will now perform a legal revision of the agreed text to come up with the final version of the Association Agreement and all its trade aspects. The Commission will then translate it into all official EU languages and submit the Association Agreement to EU Member States and the European Parliament for approval.

© 2019 - Brazil Beauty News - www.brazilbeautynews.com

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