Mercosur-EU trade deal to be finalized this year

After another round of talks about the trade deal between Mercosur and the European Union (EU), chancellors and European Commission Vice-President Jyrki Katainen today (Nov. 10) expressed optimism towards the finalization of the pact still this year. The 30th session of the Mercosur-EU Bi-Regional Negotiations Committee was held this week in Brasília.

Brazilian Foreign Minister Aloysio Nunes said he hopes this was one of the last rounds before negotiations are concluded. “We expect this agreement to be finalized by the end of this year,” he said. The proposal presented to the EU, he said, includes rules for the exchange of goods that can provide a favorable legal framework for the trade between countries.

Katainen said the pact with Mercosur is of the utmost importance for both its commercial and political implications, and went on to say it would benefit trade in all countries involved. The deal should be brought to its final form in the near future, he added.

“The agreement will result in lower or no fees for certain products on the trade agenda and should allow us to operate with a set o rules governing EU-Mercosur relations so that we can have a better business environment brought about by more sustainable trade between both regions,”  Jyrki Katainen said.

Argentine Foreign Minister Jorge Fauri said, “If we sign this deal—which we expect to complete by December—we'll be able to attain the confidence of investors and prepare for better commerce. It's also a key sign for trade with rules, disciplines, and values.”

Translated by Fabrício Ferreira