The European Union and South American bloc Mercosur agreed a free-trade treaty o...
BRUSSELS - 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.
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. In terms of tariff reduction, it could be the EU’s most lucrative trade deal to date, with some 4 billion euros of duties saved on its exports, four times more than its deal with Japan.
Past deadlines had come and gone, because of EU nerves about a surge of beef imports and Mercosur hesitation about opening up some industrial sectors, such as cars.
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