Head of European diplomacy discusses EU-Mercosur agreement with Uruguayan Foreign Minister

The head of European diplomacy, Josep Borrell, reported meeting with the Uruguayan Foreign Minister, Francisco Bustillo, to “discuss the future of the EU-Mercosur agreement”.

“We share a firm commitment to make it a reality. We will continue to work together to boost the strategic relationship between the EU and Latin America,” Borrell wrote on his Twitter account.

The Common Market of the South (Mercosur) comprises Argentina, Brazil, Paraguay, Uruguay, and Venezuela (currently suspended).

The EU and Mercosur signed an agreement in June 2019, two decades after the start of negotiations, but it did not enter into force because it requires ratification by all member countries, and there are very different positions.

The agreement currently favors South American countries in exporting more agricultural products to Europe.

In exchange, it allows Europe to have more facilities to export more manufactured products to Mercosur countries, which could severely affect local industries, especially in Brazil and Argentina, the most industrialized countries of the bloc.

With information from Sputnik

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

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