EU begins provisional application of MERCOSUR agreement after ratification by Uruguay and Argentina

The trade agreement between the EU and the parliaments of Uruguay and Argentina has now entered into provisional application.

“Yesterday, Uruguay and Argentina became the first countries to ratify the EU-Mercosur agreement. Brazil and Paraguay are expected to do the same soon. This is really good news, as it shows the trust and commitment of our partners to develop their relations and make this landmark agreement work,” said von der Leyen.

The President of the European Commission recalled that the agreement creates a market for 720 million people, opening up numerous business opportunities and reducing tariffs by billions.

“This allows our small and medium-sized businesses to access markets and scale that they could only dream of before. It also gives Europe a strategic first-mover advantage in a world of fierce competition,” added the President of the European Commission.

In January, the European Council authorised the European Commission to provisionally apply the agreement, pending ratification by one of the Mercosur countries.

“Provisional application is by its nature provisional. The full conclusion of the agreement will only take place after the consent of the European Parliament. We will continue to work closely with all EU institutions, Member States and stakeholders to ensure a transparent process,” said Ursula von der Leyen.

She stressed that Mercosur is one of the most important trade agreements of the first half of the 21st century, opening up new prospects for Europe and its partners.

Tags: EU, Argentina, Uruguay