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44m ago

Mercosur and EU Sign Landmark Trade Pact in Asunción

Ratification on both sides will determine when the agreement takes effect.

Javier Milei, en la Sesión Plenaria de la Cúpula de Jefes de Estado de los Estados Partes de Mercosur y de los Estados Asociados en Foz de Iguazú (Brasil). Foto: EFE.
Milei cuando mencionan a Lula en la ceremonia de firma del acuerdo entre Unión Europea y el Mercosur
La Argentina firmó el acuerdo comercial Mercosur-Unión Europea.
El presidente Javier Milei llegó a Paraguay para la firma del acuerdo entre el Mercosur y la Unión Europea. 

Overview

  • The accord creates one of the world’s largest free‑trade areas, covering about 720 million people and roughly a quarter of global output.
  • The text phases out more than 90% of tariffs and includes an environmental annex along with bilateral safeguards for sensitive agricultural sectors.
  • EU Trade Commissioner Maroš Šefčovič and Mercosur foreign ministers signed at the Gran Teatro José Asunción Flores, with EU leaders present and presidents Javier Milei, Yamandú Orsi and Santiago Peña attending as witnesses while Brazil’s Luiz Inácio Lula da Silva was absent.
  • Entry into force is not automatic, requiring approval by the European Parliament and each Mercosur legislature, with provisional application of commercial chapters under discussion.
  • Backers frame the deal as strategic diversification in a protectionist period, with EU firms projected to save about €4 billion annually in tariffs and Mercosur agriculture gaining improved access.