EU Ambassadors Greenlight Mercosur Free Trade Agreement After Two Decades of Negotiation

On Friday, the ambassadors of the European Union member countries reached an informal approval of the long-anticipated free trade agreement with Mercosur, the South American common market comprising Argentina, Bolivia, Brazil, Paraguay, and Uruguay. This milestone vote, conducted in Brussels, is expected to receive formal confirmation by member states later today at 5 PM. This decision marks a critical juncture in a process that has spanned over two decades, characterized by complex negotiations and resistance from various EU member states. A significant hurdle had been the concerns surrounding the potential impact of the agreement on local agricultural sectors within the EU. However, recent months have seen a shift in dynamics, as opposing nations increasingly found themselves in the minority. The motion required a minimum of 15 votes in favor and garnered 21, indicating a considerable support base, including unexpected backing from Italy — a country that had previously shown strong opposition. Italy’s change of stance came after negotiations yielded additional concessions from Ursula von der Leyen, President of the European Commission, who has been a prominent advocate for the agreement. In contrast, countries such as France, Poland, Austria, Ireland, and Hungary upheld their opposition, voting against the deal. Belgium abstained from the voting process altogether. Despite Italy's prior hesitance, its eventual support, combined with the political weight it carries, played a crucial role in facilitating this vote, which had been stalled until now due to the unified resistance from several member states. Assuming that the vote is formally ratified by the European Parliament — an outcome that is not anticipated to face significant opposition — the Mercosur agreement could soon be officially signed, marking a new chapter in trade relations between the EU and South America. Related Sources: • Source 1 • Source 2