13:36 8 December 2024
EU and Mercosur Finalize Trade Agreement
The European Union signed a political agreement with Mercosur, concluding negotiations that began in 1999. The deal promises mutual benefits, including tariff elimination and enhanced trade ties.
“This is a mutually beneficial agreement that protects livelihoods and ensures fairness,” European Commission President Ursula von der Leyen said, addressing farmers' concerns with added safeguards.
The agreement commits to combating deforestation, maintaining EU health and food safety standards, and opening trade opportunities in renewable energy and low-emission technologies. It will save EU businesses €4 billion annually by reducing tariffs and streamlining exports for small and medium enterprises.
Additionally, the deal aims to secure sustainable supply chains critical for the green transition, reinforcing EU-Mercosur cooperation in a globally competitive landscape.
