On 29 June 2019, the European Union and Mercosur* concluded negotiations for a trade agreement.**
On 6 December 2024, the two sides took their agreement to the next level by agreeing on new commitments towards sustainability, such as the inclusion of the Paris Agreement as an essential element and effective language on halting deforestation.
The new EU-Mercosur agreement is critical for both sides. It will:
- Bring a radical shift with unprecedented commitments to the fight against climate change, including deforestation;
- Enhance competitiveness by diversifying and securing supply chains and diversifying sources of energy and raw materials;
- Boost trade and investment on both sides, contributing to economic growth and job creation;
- Foster the sustainable development of both regions, strengthening workers’ rights and environmental protection;
- Strengthen our political, economic and cultural ties between the two regions, and secure the EU’s presence in the Mercosur region.
* Argentina, Brazil, Paraguay and Uruguay
** The political part of the agreement was concluded in 2020