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On December 6, 2024, the European Union (EU) and Mercosur (Argentina, Brazil, Paraguay, and Uruguay) finalized a historic free trade agreement after 25 years of negotiations. This pact seeks to eliminate more than 90% of tariffs in both directions, creating one of the largest free trade zones in the world, covering more than 700 million people.
However, implementing the agreement faces significant challenges. Countries such as France and Italy have expressed opposition, citing concerns about unfair competition for their agricultural sectors and compliance with environmental standards. In addition, agricultural organizations in Spain and other European countries have expressed concerns about the agreement's impact on their sectors.
Despite these obstacles, leaders such as the President of the European Commission, Ursula von der Leyen, have highlighted the agreement's economic benefits, including saving 4 billion euros in tariffs for European companies and strengthening trade relations with Latin America.
En resumen, aunque el acuerdo UE-Mercosur representa un avance significativo en las relaciones comerciales entre ambos bloques, su ratificación y puesta en marcha dependerán de la resolución de las preocupaciones planteadas por varios Estados miembros de la UE y sectores afectados.
In summary, although the EU-Mercosur agreement represents a significant advance in trade relations between the two groups, its ratification and implementation will depend on the resolution of concerns raised by several EU Member States and affected sectors.
The EU member states must approve the agreement through their Council representatives. This requires a consensus among the EU countries. Subsequently, once approved by the Council, the European Parliament must vote and give its approval.
December 6, 2024/ 333 Staff
