After twenty years of negotiations, both blocs have today signed a historic strategic partnership agreement, which will move 100,000 million dollars of bilateral trade.
Historical agreement between the European Union and Mercosur. Both economic blocs have signed a free trade agreement today, after twenty years of negotiations. The new agreement will involve a bilateral trade of 100,000 million dollars between both regions.
The block formed between Argentina, Brazil, Paraguay and Uruguay had insisted on several occasions to reach an agreement, despite the obstacles that included certain economies of the Old Continent. The last phase of the treaty was promoted by the President of the Government of Spain, Pedro Sánchez, who was also joined by the leaders of Germany, the Netherlands, Latvia, Portugal, the Czech Republic and Sweden.
The European Union exports 66,000 million dollars in goods and services to Mercosur. With the new agreement, it is expected that this figure could be doubled, especially between the trade barriers of Argentina and Brazil.
The first instance of the treaty was signed on Friday afternoon in the framework of the G20 meeting in Osaka, Japan. This measure aims to revive the protectionist policies of Donald Trump.