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EU · Mercosur · Tariffs · Trade Agreement
The European Commission announced the provisional application of the EU-Mercosur interim Trade Agreement, involving the EU and Mercosur countries Argentina, Brazil, Paraguay, and Uruguay, will commence May 1, immediately removing tariffs on specific products and establishing predictable trade rules.
The European Commission notified Mercosur countries, with Paraguay as the legal guardian, following a Council Decision on January 9. European Commission President Ursula von der Leyen confirmed this move in late February, despite objections from the European Parliament.
This agreement, negotiated for over 25 years, establishes a free-trade area encompassing more than 700 million people across Europe and Latin America. It aims to cut billions of euros in tariffs and generate new market opportunities, particularly for small and medium-sized enterprises.
The Commission stated that robust safeguards fully protect sensitive sectors of the EU economy. However, the agreement has faced significant resistance from EU member states and the European Parliament.
