Mercosul leaders report advancement in agreement with EU despite French resistance

On Thursday, July 2, leaders of the South American trade bloc held a virtual summit to discuss trade agreements with Canada, Singapore, and South Korea, in addition to the European Union and to study readjustments in their common external tariffs, in addition to the pandemic caused by the new coronavirus.  Mercosur ministers informed that the final text for the South American trading bloc’s agreement with the European Union has advanced, despite recent comments by French President Emmanuel Macron against the pact. On Monday, Macron said France should not sign any agreements with countries that do not comply with the Paris Agreement against climate change.

Brazil’s Foreign Affairs Ministers, Ernesto Araújo, said that the legal wording of a document that outlines the agreement with the European Union is almost complete, thanks to “cooperation and flexibility” to overcome the final differences.  The chancellor said he hoped the coordinators of the South American bloc would be able to complete the texts and annexes with European negotiators after the northern hemisphere summer, so that the agreement would then be ready to be signed.

The following chart shows imports and exports via maritime between Brazil and the European Union:

Graph source: DataLiner (To request a DataLiner demo click here)

Source of report: Reuters

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