Mercosur has finalized a trade agreement with the European Free Trade Association, marking a major step in trade relations. This deal creates a free trade area with a collective population of around 300 million and a combined GDP of over $4.3 trillion. It aims to enhance market access for over 97% of exports, aiming to boost bilateral trade. The comprehensive agreement covers various sectors, including goods, services, investment, and intellectual property, while also eliminating customs duties. Approval by national parliaments is still required for full implementation.
The trade deal between Mercosur and the European Free Trade Association will create a free trade area covering nearly 300 million people with a combined GDP exceeding $4.3 trillion.
Both sides expect improved market access for over 97% of their exports, increasing bilateral trade and providing benefits to businesses and citizens alike.
The Free Trade Agreement incorporates trade in goods, services, investment, and intellectual property rights, and will eliminate customs duties to enhance trade.
The decades-long negotiation process leading to this agreement involved 14 rounds of talks, starting in 2015 before formal negotiations began two years later.
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