Mercosur-EU agreement is under legal review

According to the special secretary of Foreign Trade and International Affairs of the Ministry of Economy, Marcos Troyjo, the preliminary agreement between Mercosur and the European Union is still being evaluated by lawyers – a process that can take six to seven months to complete.

Once the terms are reviewed internally by the participating countries, the agreement will need to be approved by the parliaments of the member countries of both trade blocs, said Troyjo in response to a question at a conference in São Paulo.

The secretary said the Mercosur-EU agreement could be approved, rejected, or closed by the negotiating countries, but not amended. A preliminary settlement was signed at the end of June between the two blocs.

Troyjo also said that Brazil is looking for trade agreements with countries like Singapore, Canada, and Mexico, and that it will soon start negotiations with the United States. “Brazil has a low percentage of its GDP from exports. We will solve this anomaly,” he said when opening the International Poultry and Pig Farming Salon (Siavs), which takes place in São Paulo.

Source: Reuters

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