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Mercosur and the EU have a new opportunity to close their agreement, according to Spain

by AI | 27.Jul 2024 | Europe in brief AI

The negotiations between Mercosur – made up of Argentina, Brazil, Paraguay and Uruguay and now also Bolivia – and the EU for a trade agreement began two decades ago and both blocs reached an agreement in principle in 2019.

The Minister of Economy of Spain, Carlos Cuerpo, speaks during a press conference, this Friday, in Rio de Janeiro (Brazil). EFE/André Coelho

Rio de Janeiro – The Minister of Economy of Spain, Carlos Cuerpo, stated this Friday that the new institutional cycle beginning in the European Union (EU), after the parliamentary elections, and in the Commission, opens a new opportunity to finally close the free trade agreement with the Southern Common Market (Mercosur).

“I believe that as the European Commission is renewed, a possibility to push the negotiations and reach an agreement, which we are convinced would be very positive for both regions, is reopened,” said Cuerpo in statements to Spanish media in Rio de Janeiro, where he is participating in the G20 Finance Ministers’ meeting.

Negotiations between Mercosur – made up of Argentina, Brazil, Paraguay, and Uruguay and now also Bolivia – and the EU for a trade agreement began two decades ago, and both blocs reached a principle agreement in 2019.

But final talks stalled due to environmental demands introduced last year by a group of European countries and that Mercosur considers protectionist.

The Brazilian President, Luiz Inácio Lula da Silva, recently stated that the agreement can be achieved when the Europeans overcome their divergences.

“We have had a few months of pause due to the elections that took place at the European level, but I believe that now a new window of opportunity opens, and that is my main message” in Brazil, said Cuerpo.

According to the minister, after the renewal of the European Parliament, the mandate of the President of the European Commission, Ursula von der Leyen, was extended, and currently, the bloc is in the process of filling commissioner positions.

He also cited as positive for the negotiations the victory of the left in the recent French parliamentary elections.
“When I talk about a window of opportunity, it is not only about the change in the institutional cycle in the European Union, but we are all, and I believe that it is something common in the Union, with a much more oriented view towards Latin America,” he said.

According to Cuerpo, the recent events in Europe, especially the invasion of Ukraine by Russia, made it clear to the European Union that it needs to increase the number of “reliable partners.”

“In that sense, I believe that the bridge that Spain makes between the European Union and Latin America has to help strengthen these relationships, and let’s hope the agreement with Mercosur is also closed,” he said. (July 26)