The signing of the free trade agreement between Mercosur and the European Union (EU) is scheduled to take place this Saturday (17), at around 12pm (Brasília time). The ceremony takes place in Asunción, capital of Paraguay.
The agreement between the two blocs aims to integrate markets, expand the flow of goods and investments between South America and the euro zone, in addition to reducing tariffs.
EU leader Ursula von der Leyen, European Council president António Costa and other heads of state from the South American bloc will be present, as will presidents Javier Milei of Argentina; Yamandú Orsi from Uruguay; Rodrigo Paz from Bolivia; and Santiago Peña from Paraguay. Lula will not be in Asunción and sent the Minister of Foreign Affairs, Mauro Vieira, to represent Brazil.
Even with signature, the agreement will need to go through the European Parliament and the national Congresses of Brazil, Argentina, Paraguay and Uruguay to be definitively approved. After internal conclusions and approvals, the agreement will be valid in full, but while this does not happen, the EU and Mercosur can debate the provisional application of some topics in the treaty, such as the reduction of fees.
President Lula met this Friday (16) with von der Leyen and mentioned that the EU–Mercosur agreement focuses on industry, sustainability and new markets. According to the behind-the-scenes of Brazilian diplomacy, the meeting with the EU leader aimed to reinforce Brazil’s leading role as the main political articulator of the agreement between Mercosur and the EU.
