EU-Mercosur Deal
TheWkly Analysis
The European Union and four South American countries—the so-called Mercosur bloc—signed their long-delayed free trade agreement Saturday. The agreement came despite protests from some European farmers. The Mercosur deal was 25 years in the making and covers roughly one-quarter of global gross domestic product—$128.8B in trade as of 2024. More than 90% of tariffs will be dropped between the EU’s 27 member countries and Argentina, Brazil, Paraguay, and Uruguay. Some cuts will be phased in over the next 10 to 15 years. European exports including cars, wine, and cheese are expected to benefit from reduced tariffs, in exchange for the EU lowering tariffs on South American imports including beef and soybeans. Today, the European Parliament will take steps to ratify the deal despite opposition from Austria, France, Hungary, Ireland, and Poland. South American legislatures must also ratify the agreement before it can go into effect.
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Key Entities
- • European Union - Trade bloc signing the agreement and overseeing ratification steps
- • Mercosur - South American trading bloc party to the agreement
- • Argentina - Mercosur member country included in tariff reductions
- • Brazil - Mercosur member country included in tariff reductions
- • Paraguay - Mercosur member country and location of the signing ceremony
- • Uruguay - Mercosur member country included in the agreement
- • European Parliament - Institution expected to take steps to ratify the deal
- • European farmers - Group cited as protesting the agreement
- • Austria - EU member state cited as opposing ratification
- • France - EU member state cited as opposing ratification
Bias Distribution
Multi-Perspective Analysis
Left-Leaning View
Not found
Centrist View
Emphasizes tariff cuts, sectors affected, and ratification hurdles.
Right-Leaning View
Not found
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