Uruguay became this Thursday (26) by 91 votes to 2, the first Mercosur country to ratify the agreement with the European Union. A few hours later, Argentina, a country in which President Javier Milei had committed to being the first to sign, approved the measure with 69 votes in favor and 3 against in the Senate. Paraguay is expected to complete its ratification process in the coming days.
The agreement between the two blocs creates one of the largest free trade zones with the largest number of countries in the world: 32 countries and 720 million consumers. Furthermore, it will eliminate tariffs on more than 90% of trade between the two parties, which together account for around 30% of the world’s Gross Domestic Product (GDP).
Brazil has not yet officially ratified the measure. This Wednesday (25), the Chamber of Deputies approved the agreement. The text now goes to the Senate, which will be the last stage of analysis for the agreement to come into force as far as Brazil is concerned.
