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Japan: EU, Mercosur hail ‘truly historic‘ free trade deal at G20 summit03:28

Japan: EU, Mercosur hail ‘truly historic‘ free trade deal at G20 summit

Japan, Osaka
June 29, 2019 at 06:46 GMT +00:00 · Published

EU and Mercosur leaders hailed a ‘truly historic‘ free trade agreement between the blocs at the G20 summit in Osaka on Saturday. After twenty years of negotiations, it was announced on Friday that the two sides had agreed on a draft deal.

“This deal is a real message in support of open, fair, sustainable trade because trade create goods jobs for all concerned. It shows that in this turbulent moments agreements can be reached, mutually beneficial compromises can be found. This is a landmark agreement,“ said the European Commission President Jean-Claude Juncker.

The deal could become the EU’s most lucrative trade agreement to date that could potentially save the bloc 4.55 billion dollars (4 billion euros) in duties on its exports. For Mercosur, the European Union has become the first major partner of such an agreement.

“It is the most important agreement we've ever signed in our history. It took 20 years to get to the point where so many leaders had the will to transform our reality, a reality which is tied to our history and culture because the majority of the migratory flows that we've received in South America have always been from Europe,“ said Argentinian President Mauricio Macri.

Mercosur is a South-American trade bloc comprised of Argentina, Brazil, Paraguay and Uruguay with Venezuela currently suspended.

Japan: EU, Mercosur hail ‘truly historic‘ free trade deal at G20 summit03:28
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EU and Mercosur leaders hailed a ‘truly historic‘ free trade agreement between the blocs at the G20 summit in Osaka on Saturday. After twenty years of negotiations, it was announced on Friday that the two sides had agreed on a draft deal.

“This deal is a real message in support of open, fair, sustainable trade because trade create goods jobs for all concerned. It shows that in this turbulent moments agreements can be reached, mutually beneficial compromises can be found. This is a landmark agreement,“ said the European Commission President Jean-Claude Juncker.

The deal could become the EU’s most lucrative trade agreement to date that could potentially save the bloc 4.55 billion dollars (4 billion euros) in duties on its exports. For Mercosur, the European Union has become the first major partner of such an agreement.

“It is the most important agreement we've ever signed in our history. It took 20 years to get to the point where so many leaders had the will to transform our reality, a reality which is tied to our history and culture because the majority of the migratory flows that we've received in South America have always been from Europe,“ said Argentinian President Mauricio Macri.

Mercosur is a South-American trade bloc comprised of Argentina, Brazil, Paraguay and Uruguay with Venezuela currently suspended.

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