IBOV 177,866 ▲ 2.97% IPSA 11,057 ▲ 0.28% IPC MEX 66,496 ▲ 0.59% MERVAL 3,280,224 ▲ 2.43% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,194.27 ▲ 1.29% USD/BRL5.11▼ 0.17% USD/MXN17.46▼ 0.49% USD/CLP923.90▼ 0.41% USD/COP3,247▼ 2.86% USD/PEN3.39▼ 0.31% USD/ARS1,487▼ 0.03% USD/UYU40.22▲ 1.20% USD/PYG6,055▲ 1.53% USD/BOB10.14▲ 4.01% USD/DOP58.48▼ 0.12% USD/CRC448.82▲ 1.40% USD/GTQ7.63▲ 2.28% USD/HNL26.72▲ 1.50% USD/NIO36.62▲ 0.26% USD/VES707.92▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD158.07▲ 0.80% USD/TTD6.75▲ 1.32% EUR/BRL5.83▼ 1.07% BRENT 76.00 ▼ 0.39% WTI 71.51 ▼ 0.79% IRON ORE 161.91 — — COPPER 6.29 ▲ 1.13% GOLD 4,129 ▼ 0.04% SILVER 60.30 ▼ 0.13% SOY 1,190 ▲ 0.83% CORN 460.25 ▲ 7.60% WHEAT 639.25 ▲ 4.58% COFFEE 337.75 ▼ 5.38% SUGAR 14.86 ▼ 1.72% ORANGE JUICE 143.25 ▼ 4.44% COTTON 80.87 ▲ 6.18% COCOA 5,973 ▼ 5.33% BEEF 235.00 ▼ 0.11% CATTLE 354.38 ▼ 0.50% LITHIUM 72.32 ▼ 0.69% PETR4 39.65 ▲ 1.12% VALE3 74.18 ▲ 1.41% ITUB4 44.30 ▲ 4.02% BBDC4 18.86 ▲ 4.78% ABEV3 15.82 ▲ 0.64% BBAS3 20.58 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PCAR3 2.73 ▼ 1.09% GMAT3 3.97 ▲ 1.02% PSSA3 54.97 ▲ 3.04% CVCB3 1.25 — 0.00% POSI3 3.97 ▲ 3.12% SLCE3 14.02 ▲ 1.67% NATU3 8.68 ▲ 2.60% BRKM5 6.63 ▲ 4.25% RANI3 8.01 ▲ 1.91% CSNA3 5.18 ▲ 7.92% CMIN3 5.23 ▲ 8.28% USIM5 8.45 ▲ 1.20% GGBR4 23.01 ▲ 2.36% ENEV3 27.55 ▲ 5.15% CPFE3 47.87 ▲ 3.41% CMIG4 11.38 ▲ 2.71% EQTL3 40.91 ▲ 3.54% LREN3 14.62 ▲ 3.32% VIVT3 35.75 ▲ 3.62% RAIL3 14.36 ▲ 4.44% KLABIN 17.54 ▲ 0.80% RAIA DROGASIL 18.77 ▲ 3.53% RDOR3 36.02 ▲ 2.48% HAPV3 10.60 ▲ 5.26% FLRY3 16.42 ▲ 4.25% SMTO3 16.37 ▲ 1.99% UGPA3 30.71 ▲ 2.03% VBBR3 33.00 ▲ 2.80% BBSE3 40.35 ▲ 2.72% BPAC11 58.73 ▲ 5.48% CURY3 34.21 ▲ 4.62% AERI3 2.09 ▲ 1.46% VIVARA 23.53 ▲ 4.21% COMPASS 25.50 ▲ 3.32% VAMOS 3.06 ▲ 3.38% SANB11 27.62 ▲ 5.22% ASAI3 8.87 ▲ 4.85% SBSP3 31.11 ▲ 3.70% WALMEX 49.31 ▲ 0.59% GMEXICO 198.62 ▲ 1.68% FEMSA 223.20 ▲ 0.37% CEMEX 21.82 ▲ 0.51% GFNORTE 186.51 ▲ 0.63% BIMBO 56.10 — 0.00% TELEVISA 9.73 ▲ 2.42% AMX 22.70 ▲ 0.27% GAP 412.01 ▼ 0.41% ASUR 285.12 ▲ 0.53% OMA 235.73 ▼ 0.95% KOF 181.73 ▲ 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Brazil Mercosur-EU trade deal

EU’s Borrell arrives in Brazil with MERCOSUR, the Amazon and Venezuela on his agenda

By · November 4, 2021 · 3 min read

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RIO DE JANEIRO, BRAZIL – The plane carrying the head of European diplomacy landed in São Paulo at 4 PM local time. The flight came from Peru where he began his first trip to Latin America since taking office on December 1, 2019.

Borrell’s agenda in Brazil included a single activity in São Paulo, scheduled for yesterday evening, with members of the Eurochambers for a closed door discussion of the economic situation in Brazil, a “strategic partner” of the EU since 2007.

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European Union (EU) High Representative for Foreign Policy Josep Borrell. (Photo internet reproduction)
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His political agenda will begin on Thursday in Brasilia, where his first engagement will be a working meeting with Foreign Minister Carlos França.

According to diplomatic sources, one of the main points of interest in this meeting will be negotiations to unblock the ratification process of the trade agreement between the EU and MERCOSUR, whose six-month presidency is held by Brazil until the end of this year.

The agreement was announced in 2019, after two decades of discussion, and has since been virtually paralyzed due to concerns in several EU countries over the aggressive policies imposed by the government of Jair Bolsonaro on the development of the Amazon region.

These policies, coupled with increased deforestation and fires in the Amazon, have led France, Austria, the Netherlands, Belgium and Ireland to reconsider their support to the trade agreement with the bloc that also includes Argentina, Uruguay and Paraguay.

Last February, both parties agreed to negotiate an annex to the agreement referring exclusively to strengthening commitments to environmental protection, but a consensus on the drafting of this document has not yet been reached and the impasse persists.

According to diplomatic sources, such a text would help “restore confidence” mainly in Brazil and in the commitments it has made in relation to the preservation of the planet’s largest plant lung, which have been in doubt since Bolsonaro came to power.

VENEZUELA, MIGRATION AND A SHARED CONCERN

Another issue that Borrell will discuss with the Brazilian authorities will be the migratory processes, which are becoming more acute in Latin America and particularly in the case of Venezuela, from where it is estimated that in recent years some 6 million citizens have fled the economic, social and political crisis affecting the country.

According to official data, about 300,000 Venezuelans have migrated to Brazil, which since 2018 launched the so-called “Operação Acolhida” (Operation Reception), which offers them humanitarian aid and facilitates their integration in the country and access to the labor market.

This process is supported by United Nations agencies and the EU itself, which considers it as an “example of solidarity,” as the EU ambassador to Brazil Ignacio Ybáñez, of Spanish origin like Borrell, explained to foreign correspondents.

To underline this common concern for the migratory phenomenon and particularly with the Venezuelan crisis, Borrell scheduled a meeting for Friday with citizens of Venezuela who have settled in Brasilia in order to learn first-hand about their situation.

This issue will also be discussed in a meeting he will hold with Brazilian Defense Minister Walter Braga Netto, whose office is one of the main responsible for Operation Reception.

During his two-day stay in Brasilia, the EU representative also plans to attend an event organized jointly with the UN Women delegation, to discuss gender policies and measures for the “protection of women human rights defenders,” according to diplomatic sources.

For the full picture, see our Mercosur EU Trade Deal: Complete Guide.

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