EU, Mercosur agree free trade treaty after 20 years

EU, Mercosur agree free trade treaty after 20 years
  • Clock-gray 02:27
  • calendar-gray 29 June 2019

The European Union and South American bloc Mercosur agreed a free-trade treaty on Friday, concluding two decades of talks and signaling their push for opening markets at a time of increased protectionism, APA reports citing Reuters.

The two regions launched negotiations exactly 20 years ago and intensified efforts to reach an accord after Donald Trump’s presidential victory prompted the European Union to freeze talks with the United States and look for other global trading allies.

As world leaders meet at a G20 summit in Japan, EU Trade Commissioner Cecilia Malmstrom told a news conference the deal sent a “loud and clear message” in support of open trade.

The EU’s push away from the United States has seen it start a free trade agreement with Canada and reach agreements with Japan and Mexico and now, after some 40 rounds of talks, a provisional deal with the grouping of Argentina, Brazil, Paraguay and Uruguay.

Faiq Mahmudov

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