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Mercosur-Eu Trade Deal Needs Updating, Says Argentine FM

The trade agreement between the Southern Common Market (Mercosur) and the EU needs updating, Argentine Foreign Affairs Minister Santiago Cafiero said here on Monday.

The deal “reflects an unequal effort between asymmetric blocs and does not answer the needs of the current global scenario,” said the minister at the 62nd ordinary meeting of the Common Market Council of Mercosur, since the deal had taken 20 years of negotiation before it was concluded in 2019 and has yet to be ratified by each country’s legislature.

A modified agreement “can be an effective means for our bloc to strengthen its participation in the rearrangement of the global map of production and work,” he said, adding that it could also serve as a framework to spur investment in strategic sectors, such as conventional and renewable energies, mining, food, knowledge-based services and health.

“To see this potential materialize and the agreement have good results for both sides, it is necessary to work and update the 2019 texts,” he noted.

The meeting was held in Puerto Iguazu, in the northeast Argentine province of Misiones. Present at the meeting were officials from all Mercosur member countries, including Argentina, Brazil, Paraguay and Uruguay, along with Bolivia which is in the process of joining the bloc.

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