EU's Mercosur accord comes up for a vote in member states following presentation by the European Commission - EU Commission presents Mercosur treaties to EU nations for approval vote
The European Union (EU) and the South American trade bloc Mercosur are on the brink of creating one of the largest free trade zones in the world, encompassing over 700 million inhabitants. This ambitious agreement, which began negotiations in 1999, took a significant step forward in December 2022, when the EU Commission's President, Ursula von der Leyen, signed the provisional agreement at the Mercosur summit in Montevideo, Uruguay.
However, not everyone is celebrating the agreement's progress. France, along with Poland, the Netherlands, Austria, and to some extent Italy, have expressed critical concerns about the EU-Mercosur trade agreement. France, in particular, views the protection mechanism as insufficient to address market disruption fears.
To address these concerns, the EU Commission has proposed a dual approach. The agreement will be split into two parts—one for the EU Council and Parliament, and another for national parliaments. Additionally, a safeguard clause has been introduced, allowing countries to limit imports if a market disturbance occurs. This move is intended to alleviate worries over climate, environmental standards, and the protection of European farmers against less regulated Mercosur imports, while maintaining a democratic negotiation process.
As the agreement moves towards a vote, the EU Commission has presented a legally reviewed version for consideration. The EU-Mercosur Agreement is a trade agreement between the EU and the South American countries Argentina, Brazil, Uruguay, and Paraguay. The hope is that, with these measures in place, the agreement will move forward, fostering economic growth and strengthening ties between the two continents.
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