"The EU signed its largest-ever trade pact on Saturday, after 25 years of negotiations. It eliminates tariffs on more than 90 percent of bilateral trade, and favours the European exports of cars, wine and cheese, while making it easier for South American beef, poultry, sugar, rice, honey and soya beans to enter Europe."
"Supporters, including Germany and Spain, argued the deal was essential to offset business lost to United States tariffs and to reduce reliance on China by securing access to critical minerals. Its signature was hailed as a significant geopolitical victory for the EU in an age of US tariffs and surging Chinese exports, expanding the bloc's foothold in a resource-rich region increasingly contested by Washington and Beijing."
"Opposers, including France, Poland and farmer groups, said the agreement would sharply increase imports of cheap beef, sugar and poultry, undercutting domestic farmers who have staged repeated protests. The EU executive said it regrets the European Parliament's decision to bloc the deal with the South American trade bloc, known as Mercosur (Mercado Comun del Sur, or Southern Common Market) and comprised of Argentina, Brazil, Paraguay and Uruguay."
The European Parliament voted 334 to 324 to ask the Court of Justice of the EU to assess whether the free trade agreement with four South American countries complies with bloc policy. The EU signed its largest-ever trade pact after 25 years of negotiations that eliminates tariffs on more than 90 percent of bilateral trade. The deal favours European exports of cars, wine and cheese and makes it easier for South American beef, poultry, sugar, rice, honey and soya beans to enter Europe. Supporters argued the pact offsets losses from US tariffs and secures access to critical minerals, while opposers warned it would undercut domestic farmers. The EU executive said it regrets the Parliament's decision and noted the pact is with Mercosur, comprising Argentina, Brazil, Paraguay and Uruguay.
#eumercosur-trade-agreement #court-of-justice-referral #agricultural-imports #geopolitical-trade-strategy
Read at www.aljazeera.com
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