What is the Mercosur trade deal? And can Ireland block it?
The European Union and four South American countries on Friday finalised a free trade agreement that took over two decades to negotiate.
Before implementation, however, the accord faces a key test in Europe amid initial resistance from Ireland, France and some other EU members.
What is the Mercosur trade deal?
Mercosur is a trade bloc of four South American countries: Argentina, Brazil, Paraguay and Uruguay.
The trade deal with the bloc would be the EU’s largest in terms of the population of its partner and in terms of tariff reductions, which could amount to €4 billion annually, phased out over several years.
It is also the biggest deal for Mercosur, which has trade agreements with Egypt and Israel and has signed one with Singapore. The EU sees this as giving it an early-mover advantage.
It covers industrial goods, agricultural products, raw materials and services, and contains sustainability clauses.
What is the detail on agricultural products?
The EU will liberalise 82 per…
We’ve summarized this news for a quick read. If you’re interested, you can read the full article here:
If you find this site helpful, share it with your friends!