Brazil and Italy seek to speed up agreement between Mercosur and the EU
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FX Leaders | 16 July 2024
Brazil and Italy seek to speed up agreement between Mercosur and the EU
by Ignacio Teson
The presidents of Brazil and Italy advocated on Monday in Brasília for Mercosur and the European Union (EU) to “quickly” reach a final trade agreement, which has been stalled due to resistance from some European countries.
“I reiterated to the Italian president (Sergio Mattarella) Brazil’s interest in concluding an agreement with the European Union as soon as possible that is balanced and contributes to the development of both regions,” said Brazilian President Luiz Inácio Lula da Silva after a meeting with Mattarella at the Planalto Palace in Brasília. “I explained that the progress of the negotiations depends on the Europeans resolving their own internal contradictions,” added the 78-year-old leftist leader.
The Italian president, for his part, considered it “indispensable to quickly reach a historic decision between two great realities of cooperation and peace, such as Mercosur and the European Union.”
The two blocs have been negotiating a free trade agreement for over two decades, aiming to eliminate most tariffs between the two regions, which would create a commercial space of over 700 million consumers.
The agreement faces resistance from some European countries, mainly France, whose agricultural sector fears competition from South American agricultural products.
“Measures such as the carbon tariff unilaterally imposed by the European Union could affect five of the ten Brazilian products most exported to the Italian market,” Lula said.
During the first official visit of an Italian president to Brazil in 24 years, they also addressed issues such as the wars in Ukraine and Gaza, energy transition, and the fight against hunger.
The visit coincides with the 150th anniversary celebrations of Italian immigration to Brazil, which hosts the largest Italian community abroad, with over 35 million Italian descendants in its territory.
