Brazil's Lula anticipates Mercosur-EU deal will be signed this year

Lula told von der Leyen he expects a trade deal between the Mercosur and European Union (EU) trade blocs to be signed this year, while both leaders agreed the deal is "even more strategic" amid current turbulence in international trade, the statement said, News.Az reports citing Reuters.

 

Under the proposed deal, South American trading bloc Mercosur will remove duties on 91% of EU exports, while the EU will progressively remove duties on 92% of Mercosur exports over a period of up to 10 years.

 

Some EU countries, including heavyweight France, have expressed misgivings about the deal, which could block its progress, although opposition in Paris has shown signs of thawing following promises of possible limits on farm product imports.

 

"This is an important signal of our strong partnership and commitment to multilateralism," von der Leyen said in a post on X about her phone call with Lula.