The trade agreement with MERCOSUR will enable 60,000 European exporters, half of which are small and medium-sized enterprises, to save around €4 billion a year in export duties and benefit from simplified customs procedures.
According to the European bureau Report, this was announced by European Commission President Ursula von der Leyen in connection with the European Council’s approval on Friday evening of the signing of a free trade agreement with this large South American bloc.
‘Crucially, this agreement will also give our companies better access to essential raw materials,’ von der Leyen said, adding that she was ‘looking forward to its signing in the near future.’
According to the head of the European Commission, the agreement marks a ‘new era’ of trade and cooperation with MERCOSUR partners and demonstrates the strength of relations with Latin America.
The agreement creates a market of 700 million consumers, the largest free trade area in the world. According to von der Leyen, it is beneficial for all participants, creating more opportunities for business and stimulating European investment in strategic sectors. ‘By 2040, EU exports to MERCOSUR are expected to grow by almost €50 billion, with reverse growth of around €9 billion,’ she said.
