Commission President Ursula von der Leyen decided Friday to proceed with the interim application of the Mercosur trade pact, dismissing a judicial challenge initiated by MEPs that had halted the ratification process.
The Commission will continue to collaborate closely with all EU institutions to guarantee a transparent and efficient process,” she told reporters. “This is one of the most consequential agreements of the first half of this century.
For years, the agreement has caused disagreement among member states. While Germany has championed the agreement as improving access to global markets, France has led the opposition, claiming that it will subject EU farmers to unfair competition from imports from Mercosur.
After 25 years of negotiations, Mercosur would establish a free-trade zone covering more than 700 million people between the EU and Latin America, including Brazil, Argentina, Paraguay, and Uruguay.
According to Von der Leyen, this will provide European companies with unprecedented access to the Latin American market, particularly in terms of exports.It also affords Europe a strategic first-mover advantage in a world of fierce competition,” she said, as the EU strives to diversify its trade partners in the face of escalating geoeconomic tensions.
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