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Šefčovič: The EU and Mercosur have sent a signal to the world about reducing barriers and cooperation

by AI | 11.Dec 2024 | Europe in brief AI

The EU and Mercosur, according to Šefčovič, sent a strong signal to the world about reducing trade barriers and cooperation.

Slovak EU Commissioner Maroš Šefčovič and Brazilian Foreign Minister Mauro Vieira during the conclusion of the EU - Mercosur agreement. Photo: X/Maroš Šefčovič

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Brussels/Bratislava – By concluding a historic trade and investment agreement with the countries of the Mercosur association, the EU sends a signal to the whole world that cooperation is possible by reducing customs and trade barriers. This was stated by the European Commissioner for Trade and Economic Security Maroš Šefčovič in an interview for representatives of Slovak media in Brussels.

Šefčovič, in his new role in the EU executive, helped conclude the negotiation process that the EU had been leading with Argentina, Brazil, Paraguay, and Uruguay for over two decades by the end of last week.

He emphasized that Slovaks, like all EU citizens, must realize that the EU is going to almost completely eliminate tariffs on nearly 91 percent of the products traded between these two largest trade blocs.

“For Slovakia, this means that in exporting cars to Mercosur – this export currently amounts to around 200 million euros – the tariffs will gradually decrease from 35 percent to zero. If we talk about engineering products, optical devices, plastics, there the tariffs are currently also above 20 percent and will also go to zero,” he explained.

According to him, the overall current volume of Slovak trade with Mercosur countries is around 350 million euros, with those tariffs, like in all EU countries, going to zero, which means significant annual financial savings.

“Overall for the EU, this represents an annual saving of four billion euros just on customs duties. From this perspective, it is indeed a historic agreement, which not only has economic importance but also represents a strong geopolitical signaling element,” warned the Slovak European Commissioner.

He specified that at a time when some of the world’s largest economies are planning to increase customs or trade barriers, the EU and Mercosur countries sent a strong signal that “we are going the way of reducing barriers, cooperation, increasing trade exchange, creating jobs and new investment opportunities for entrepreneurs,” Šefčovič noted. (December 11)

“Overall for the EU, this represents an annual saving of four billion euros just on customs duties. From this perspective, it is indeed a historic agreement.” Maroš Šefčovič on the EU – Mercosur deal

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