The European Union and South American bloc Mercosur agreed a free-trade treaty o...
BRUSSELS - The European Union and South American bloc Mercosur agreed a free-trade treaty on Friday, concluding two decades of talks and committing to more open markets in the face of a rising tide of protectionism.
As world leaders meet at a G20 summit in Japan, EU Trade Commissioner Cecilia Malmstrom told a news conference the deal sent a “loud and clear message” in support of open trade. The opening to Europe also offers more avenues for development in South America, which has been tugged in recent years between the ascent of top trading partner China and enduring U.S. influence in the region.
Argentine Treasury Minister Nicolas Dujovne said the deal had “enormous potential to increase investments fundamental to sustained growth.” Brazil said the agreement would eliminate import tariffs for several farm products, including orange juice, instant coffee and fruit. It will also get a new 99,000-tonne quota of beef at a 7.5% tariff, phased in over five years, along with tariff-free 180,000 tonne quotas each of sugar and of poultry.
The agreement still faces challenges before it can enter force. The deal still needs final approval from Mercosur, the European Parliament and their constituent countries, which Brazil’s government conceded could take years.France is one of the European countries expressing concerns about a surge in beef imports, while environmental groups, whose influence is stronger in the new European Parliament, argue that the agreement could exacerbate deforestation.
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