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2mo ago

EU–Mercosur Trade Deal Cleared for Jan. 17 Signing After Council Vote

Next comes European Parliament scrutiny plus national ratifications, a path that could delay initial application until late 2026.

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Lead candidate for the European Commission, current European Commission President Ursula von der Leyen poses during an event at the European People's Party headquarters in Brussels, Sunday, June 9, 2024. Polling stations opened across Europe on Sunday as voters from 20 countries cast ballots in elections that are expected to shift the European Union's parliament to the right and could reshape the future direction of the world's biggest trading bloc. (AP Photo/Geert Vanden Wijngaert)

Overview

  • EU governments approved the pact by qualified majority, with a tally of 21 in favor, five against and one abstention, after Italy switched to support.
  • A formal signing is scheduled for January 17 in Asunción, with European Commission President Ursula von der Leyen expected to attend and Argentina confirming participation.
  • The agreement would remove EU tariffs on about 92% of Mercosur exports and grant preferential access for roughly 7.5% more, with quotas for sensitive goods such as beef (100,000 tonnes), poultry (180,000 tonnes) and maize or sorghum (1 million tonnes).
  • Strong resistance persists in Europe, particularly from France and farm groups, and roughly 150 Members of the European Parliament have signaled plans to challenge the process.
  • The commercial pillar can proceed with Council and European Parliament approval, while political and environmental chapters require national ratifications, setting a staggered timeline for entry into force.