Main points
- The European Union has begun provisional application of a free trade agreement with Mercosur after the document was ratified by Uruguay and Argentina.
- For the agreement to fully enter into force, it needs the approval of the European Parliament, after which the EU institutions will continue to work on its implementation.
Mercosur trade agreement / Photo Unsplash
The European Union has begun provisional application of a free trade agreement with the countries of the South American Mercosur bloc, following ratification by two of the bloc's member states.
The European Union has implemented the agreement with Mercosur
The European Union has provisionally applied a free trade agreement with the countries of the South American bloc Mercosur, European Commission President Ursula von der Leyen announced.
According to her, this step became possible after the agreement was ratified by two of the four countries in the bloc – Uruguay and Argentina. Brazil and Paraguay are expected to join them in the near future.
Von der Leyen recalled that back in January, the European Council authorized the European Commission to provisionally apply the agreement after the first ratification by one of the Mercosur states.
I have already said: when they are ready, we will be ready. That is why I have been actively discussing this issue with Member States and Members of the European Parliament in recent weeks,
– she noted.
At the same time, the agreement can only fully enter into force after its approval by the European Parliament. According to the head of the European Commission, the EU institutions will continue to work together with member states and stakeholders to ensure a transparent and gradual process of implementing the agreements.
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