BancaMarch | The European Union and the five South American countries that make up Mercosur – Argentina, Brazil, Uruguay, Paraguay and Bolivia – are moving closer on the most sensitive issues and aim to conclude a trade agreement before the end of the year.
The agreement would create a market of 780 million people and, according to the European Commission, would save the EU bloc’s companies more than €4 billion a year in tariffs.
In this context, Commission President Ursula von der Leyen’s November trip to Rio de Janeiro as part of the G20 is expected to resolve last-minute issues with Brazilian President Luis Inácio Lula da Silva. In the EU, the agreement has the stumbling block of France, which, however, would not have the necessary support from other partners to derail the pact .
