Overview
- The formal signatures were executed by Mercosur foreign ministers and EU Trade Commissioner Maroš Šefčovič during a ceremony attended by regional and EU leaders.
- The agreement removes tariffs on roughly 92% of Mercosur exports to the EU and grants preferential access for another 7.5% through quotas and specific mechanisms, with safeguards for sensitive sectors.
- Key terms include expanded beef quotas alongside Hilton allocations, immediate or gradual cuts for fisheries and honey, and a 15-year phase-out for autos with bilateral safeguards in the first 18 years.
- Argentina will submit the ratification bill to Congress for extraordinary sessions in February, and once ratified the pact can be applied bilaterally between Argentina and the EU even if other Mercosur members lag.
- Political resistance within the European Parliament and in member states such as France, Ireland, Austria and Poland continues to cloud the timeline for EU ratification.