The EU and Mercosur sign the largest trade agreement in history
The Common Market of the South and the European Union approved a trade agreement after two decades of negotiations and debates between the two groups
The president of the European Commission, Jean-Claude Juncker, affirmed that it is the biggest agreement that the European countries have achieved, because it is a market that includes almost 800 million people. The commercial agreement with Mercosur is a fact and, undoubtedly, represents a historic moment.
“In the midst of international trade tensions, we are sending a strong signal that we support standards-based trade,” Juncker wrote in his Twitter social network profile.
It is worth remembering that the Common Market of the South (Mercosur) is made up of Argentina, Brazil, Paraguay and Uruguay and Bolivia, Chile, Ecuador, Guyana, Peru and Suriname are associated states. Venezuela has been suspended from this supranational organization since August 2017.
According to a statement from the European Union (EU), the new trade framework that is part of the broader association agreement between the two regions will consolidate political and economic ties and create significant opportunities for sustainable growth on both sides.
The text indicates that it also contains specific commitments on labor rights and environmental protection, including the implementation of the agreement on the climate of Paris and the rules of application. In addition, the agreement provides for the elimination of most of the tariffs on European exports to the South American market.
L.Sáenz
Source: BBC
