Brussels: Yesterday, Uruguay and Argentina became the first countries to ratify the EU-Mercosur Agreement. Brazil and Paraguay are expected to follow soon. The agreement creates a market of 720 million people, opening numerous opportunities and reducing billions in tariffs. It allows small and medium-sized businesses to access markets and scale previously unattainable, giving Europe a strategic first-mover advantage in a competitive global environment.
According to Cyprus News Agency, the European Council empowered the Commission in January to provisionally apply the Agreement following ratification by one Mercosur country. Discussions have been underway with Member States and Members of the European Parliament to proceed with provisional application. The ultimate conclusion of the Agreement awaits the European Parliament's consent, with the Commission working closely with all EU institutions, Member States, and stakeholders to ensure a smooth process.
Mercosur is highlighted as a significant trade agreement, facilitating deep political engagement with like-minded partners who value openness and rules-based trade. It represents Europe's effort to strengthen its global presence, promoting resilience and growth. The agreement is seen as a step towards making Europe more independent, benefiting businesses, workers, and citizens.