Mercosur-EU FTA Explained | How It Affects Global Economy? | Latest Update | Drishti IAS English

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In a historic move, the European Union and Mercosur, a South American trade bloc, are set to sign a Free Trade Agreement (FTA) after 25 years of negotiations. The agreement is expected to bring over €4 billion in duty reductions on EU exports and reshape trade relations between both regions.

This FTA is considered the EU's largest in terms of tariff cuts, with the Mercosur bloc—comprising Brazil, Argentina, Paraguay, Uruguay, and Bolivia—agreeing to reduce tariffs on 91% of EU exports over the next 15 years. This marks a significant shift in the EU's trade relations with South America, especially as the deal covers sensitive sectors like agriculture and industrial goods.

The agreement will also protect around 350 EU food and drink products through Geographic Indications (GI tags), ensuring the authenticity of these items in international markets.

However, not all EU members are on board. France, Poland, and other countries have raised concerns over the potential impact on domestic agriculture and environmental standards, especially regarding deforestation in the Amazon. They are calling for stricter safeguards to ensure sustainable trade practices.

As the EU adapts its trade strategy amid global shifts, this deal is also seen as a counter to China’s growing influence in the Global South.

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