The president of the European Commission, Ursula von der Leyen announced this Friday (06.12.2024) in the Uruguayan capital the completion of the long-awaited agreement between the European Union (EU) and MERCOSUR, describing it as a "Historic moment» which consolidates a strategic alliance based on shared values, sustainable trade and mutual cooperation.
In a speech full of symbolism and historical references, broadcast live, Von der Leyen recalled that exactly 30 years ago her predecessor Jacques Delors visited Montevideo and met with the then Uruguayan president, Luis Alberto Lacalle. “Today we are turning that vision of deep integration between Europe and Mercosur into a tangible reality,” she said.
In turn, the Uruguayan Foreign Minister Omar Paganini accompanied President Luis Lacalle Pou and in his accountability speech at the Summit of Heads of State, he explained the "transformative character" of the agreement, describing it as the "first high-impact trade agreement" signed by MERCOSUR with an external bloc.
A high-impact agreement
In the words of Foreign Minister Omar Paganini, "In a global context marked by geopolitical tensions and growing protectionism, this agreement creates a free trade Area which will encompass more than 700 million people, joining the second largest economy in the world (EU) and the fifth largest economy in the world (MERCOSUR)«.
With the entry into force of the treaty, the 70% of EU tariffs will be eliminated immediately, which represents a milestone in the trade relationship between the two blocs. In 2023, trade between the EU and MERCOSUR exceeded XNUMX 88.000 million, consolidating the European Union as the second commercial partner of MERCOSUR, only behind China. The agreement promises to strengthen these figures, given that the 14,4% of total Mercosur exports are already destined for the EU, while One in five European products exported reaches the MERCOSUR countries.
Treaty Update
Although the agreement was initially closed in 2019, its completion was hampered by differences on key issues. This year, both parties managed to resolve the pending points, introducing new documents that modernize the agreement and adapt it to current challenges. According to the Uruguayan foreign minister, "the Trade and Sustainable Development Annex "This is one of the most significant advances, as it establishes commitments for a balanced and sustainable trade policy."
Furthermore, "the Protocol on Cooperation promotes the creation of joint programmes to help economic sectors adapt to the new commercial reality. This includes specific measures to support MIPYMES, enterprising women y small farmers, ensuring that everyone can benefit from this new stage."
With the text already agreed upon, all that remains is to complete the legal processes, including revisions and translations, in order to move towards the final signature and its entry into force, according to the Uruguayan foreign minister.
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