Overview
- The agreement would remove tariffs on more than 90% of trade between the blocs, boosting EU industrial exports and expanding Mercosur access for beef, sugar, rice, honey and soy.
- European Commission President Ursula von der Leyen and European Council head Antonio Costa plan to attend the Asuncion ceremony, while the participation of Argentina's Javier Milei and Brazil's Luiz Inácio Lula da Silva is not confirmed.
- EU governments approved the pact last week despite opposition from France, Poland, Ireland, Austria and Hungary.
- The European Commission has outlined a crisis fund and safeguard measures allowing suspension of preferential tariffs if imports surge and harm EU producers.
- The deal will take effect only after approval by the European Parliament and the legislatures of Argentina, Brazil, Paraguay and Uruguay.