translated from Spanish: Mercosur and EU reach historic strategic trade deal

After 20 years of negotiations, Mercosur – consisting of Argentina, Brazil, Paraguay and Uruguay – concluded a strategic trade agreement with the European Union on Friday in Belgium. “Mercosur today managed to conclude the negotiations in Brussels (…) with the EU, an unprecedented agreement for both blocs and one of the most important in history worldwide,” said the government of Argentina, a country that holds the pro-term presidency of the South American bloc. European Commission President Jean-Claude Juncker said it is a “historic moment” and a “strong sign” of support for rules-based global trade, “in the midst of international trade tensions,” La Tercera reports. The pact was sealed at a high-level meeting in Brussels, after Spain and Germany gave it a new impetus in recent weeks, beating the resistance they warned of for their possible effects on the agricultural sector. “The agreement reached today will cover a free trade area of 760 million people, bringing continents closer together in a spirit of openness and cooperation. We do this with friends and allies, with whom we have historical ties,” said Cecilia Malmstrom, European Trade Commissioner, adding that “in terms of tariff savings, the agreement is unprecedented.” The agreement will allow European companies to abolish some $4 billion in taxes, which will benefit mainly the automotive, machinery, chemical or pharmaceutical industries. Exports of agricultural and livestock products from Mercosur countries to Europe will have a new impetus.

Original source in Spanish