Mercosur and European Union reach agreement

On June 28th, the Mercosur and European Union blocs reached a consensus to sign the Strategic Partnership Agreement, after 20 years of talks between the parties.

For the Mercosur countries, the tariff reduction periods will be extended, on average, in periods of 10 and up to 15 years, while the EU accepted periods of deduction with the Mercosur immediately.The treaty opens the market to 30% of GDP of the world, compared to 10% achieved with previous trade agreements, as determined by Dante Sica, Minister of Production and Labor. 500 million people will be accessed with an average of US $ 34,000 of GDP per capita, they reported from the national government website.

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