EU countries approve Mercosur trade deal after 25 years of talks

A qualified majority of EU member countries on Friday approved the bloc’s long-awaited trade deal with the South American Mercosur bloc. 

France, Poland, Austria, Ireland and Hungary expressed their opposition while Belgium abstained. Italy voted in favor, after forcing a delay last month.

The support was formalized a few hours later when the same majority threw its weight behind the decision, with backing from EU capitals. This so-called written procedure was needed to provide political clearance for the qualified majority delivered by Brussels-based ambassadors. 

”Our message to the world is this: Partnership creates prosperity and openness drives progress,” Ursula van der Layen European Commission President 

The EU-Mercosur deal is set to create the world’s largest free trade area, covering some 700 million people. From Brussels’ perspective, the agreement is a major geopolitical win in light of China’s rising share in trade and influence in Latin America.

The EU-Mercosur deal has been in the works for 25 years and has gone through tortured negotiations. To get it over the line, the EU carved out billions of euros in extra support for farmers who fear imports from the South American market.

Source:Politico