Mercosur Agreement News: Everything You Need to Know
The Mercosur agreement has been making headlines lately, and for good reason. The trade agreement between South American countries and the European Union has faced its fair share of controversy since its inception in 1991. However, the recent developments surrounding the agreement have brought new attention to this important trade partnership.
In this article, we`ll take a closer look at the latest Mercosur agreement news and discuss how it impacts trade between the parties involved.
What is the Mercosur Agreement?
The Mercosur agreement is a trade partnership between South American countries Argentina, Brazil, Paraguay, and Uruguay, and the European Union. The agreement aims to increase trade between these two regions by reducing trade barriers and promoting economic cooperation.
Since its creation in 1991, the Mercosur agreement has undergone several rounds of negotiations and revisions. In 2019, the agreement was approved by both sides, but it has yet to be fully implemented.
Recent Developments
One of the most significant recent developments in the Mercosur agreement was the ratification of the deal by all countries involved. However, this ratification has faced pushback from some European countries and other groups who have raised concerns about the agreement`s impact on environmental and social issues.
In July 2020, a group of European NGOs urged the European Union to halt the ratification process, citing concerns about deforestation in the Amazon rainforest and the impact of the agreement on small-scale farmers in South America.
The EU has responded by stating that the agreement includes provisions to protect the environment and promote sustainable development. However, the agreement`s implementation has been delayed due to these concerns.
What Does This Mean for Trade?
The Mercosur agreement, if fully implemented, would have a significant impact on trade between South America and the European Union. The agreement would eliminate tariffs on over 90% of goods traded between the two regions and could lead to an increase in trade of up to $8 billion.
However, the current delays and controversy surrounding the agreement have cast doubt on its implementation and impact. It remains to be seen how the concerns raised by European NGOs and other groups will be addressed and whether the agreement will move forward.
Conclusion
The Mercosur agreement is an important trade partnership between South American countries and the European Union. Recent developments, including the ratification of the agreement and concerns about its impact on environmental and social issues, have brought new attention to this partnership.
As a professional, it`s important to keep up-to-date on the latest Mercosur agreement news and to use relevant and timely keywords in your content. Whether you`re writing an article, blog post, or social media update, be sure to stay informed on this important topic and provide your readers with the most accurate and up-to-date information available.