Mercosur and EFTA Strike Historic Free Trade Agreement
Mercosur and the European Free Trade Association (EFTA) concluded talks on a new free trade agreement that will open access for 97% of exports. The agreement, pending approval, aims to create a significant free trade area and boost bilateral trade. Finalization is expected by the second half of 2025.
The Mercosur bloc and the European Free Trade Association (EFTA) have successfully negotiated a landmark free trade agreement, unlocking crucial market access for 97% of exports. Announced at a Mercosur summit in Buenos Aires, the deal still requires parliamentary approval before it becomes effective.
Economic stakeholders emphasize the agreement's potential, highlighting reciprocal market access as a driving force for increased bilateral trade. Talks that started in 2017 involved EFTA's non-EU nations and Mercosur countries like Brazil and Argentina.
Brazil has shown eagerness to expedite the signing of the deal, aiming for finalization when it assumes Mercosur's rotating presidency in the latter half of 2025. Meanwhile, a separate agreement with the EU remains in the pipeline, facing resistance from some member countries.
(With inputs from agencies.)
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