Overview
- The Council of the European Union approved the pact by qualified majority — 21 in favor, 5 against (France, Austria, Ireland, Poland and Hungary) and 1 abstention (Belgium) — after Italy switched to support.
- Argentina confirmed a Jan. 17 signing ceremony in Asunción, with European Commission President Ursula von der Leyen expected to attend.
- Signature will not bring the deal into force, as the agreement must still pass the European Parliament and be ratified by Mercosur countries, with about 150 MEPs signaling possible legal challenges.
- Key terms include EU tariff removal on 92% of Mercosur exports and preferential access for another 7.5%, tariff‑rate quotas for sensitive goods such as beef, poultry, pork, maize/sorghum, dairy and ethanol, and provisions on standards and geographical indications.
- The agreement would link markets of more than 700 million people and is touted by Mercosur governments and farm groups as an export opportunity, even as European farmer protests and several EU governments oppose the deal.