Source: Ukragroconsult (Ukraine)
EU Mercosur agreement provisional application has begun following the ratification of the trade agreement between the European Union and the parliaments of Uruguay and Argentina. Moreover, this marks a significant step in transatlantic trade relations.
EU Mercosur Agreement: Ratification Progress and Statements
“Yesterday, Uruguay and Argentina became the first countries to ratify the EU-Mercosur agreement. Furthermore, Brazil and Paraguay are expected to do the same soon. This is truly good news, as it demonstrates the trust and commitment of our partners to develop relations and ensure the functioning of this landmark agreement,” he noted.
The President of the European Commission recalled that the agreement creates a market of 720 million people. Consequently, this opens up numerous business opportunities and reduces tariffs by billions.
“This allows our small and medium-sized businesses to access markets and scale they could previously only dream of. Additionally, it gives Europe a strategic first-mover advantage in a highly competitive world,” the President of the European Commission added.
Authorization Process and Full Conclusion
In January, the European Council authorized the European Commission to provisionally apply the agreement upon ratification by a Mercosur country.
“The provisional application is temporary in nature. Furthermore, the full conclusion of the agreement will only take place after the European Parliament has given its consent. We will continue to work closely with all EU institutions, Member States, and stakeholders to ensure a transparent process,” Ursula von der Leyen emphasized.
She emphasized that Mercosur is one of the most important trade deals of the first half of the 21st century. Therefore, this opens up new prospects for Europe and its partners.