German Government Reaches Agreement on MERCOSUR Free Trade Agreement
Berlin, December 7, 2024 – The German government has reached an agreement on a free trade agreement with the countries of the South American trade bloc MERCOSUR. The agreement was announced today by the Federal Ministry of Economics and Technology.
The agreement, which is still subject to approval by the European Parliament, will create a free trade zone between the European Union and the MERCOSUR countries of Argentina, Brazil, Paraguay, and Uruguay. It will eliminate tariffs on over 90% of goods traded between the two regions, and will also set common rules on trade in services and investment.
The agreement is a major boost to trade between the EU and MERCOSUR. In 2022, trade between the two regions totaled over €50 billion. The agreement is expected to increase trade by up to 30% by 2030.
The agreement is also seen as a step towards the creation of a free trade zone between the EU and the whole of South America. The EU is currently negotiating free trade agreements with other South American countries, including Colombia, Peru, and Ecuador.
The agreement has been welcomed by business leaders on both sides of the Atlantic. The European Business Council in Latin America called the agreement “a major step towards creating a single market between the EU and South America.” The Brazilian National Confederation of Industry said the agreement would “boost trade and investment between our two regions.”
The agreement is also seen as a victory for the German government, which has been a strong supporter of free trade. The German Economics Minister, Robert Habeck, said the agreement was “a testament to the power of cooperation and free trade.”
The agreement will now be submitted to the European Parliament for approval. If approved, it will then be implemented in 2025.
Einigung auf MERCOSUR-Freihandelsabkommen
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