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Argentina: 'Economic prospects are not good' - Borrell hopes to unblock Mercosur agreement amid global crisis01:26

Argentina: 'Economic prospects are not good' - Borrell hopes to unblock Mercosur agreement amid global crisis

Argentina, Buenos Aires
October 27, 2022 at 13:51 GMT +00:00 · Published

The European Union’s foreign policy chief Josep Borrell claimed that the Russia-Ukraine conflict was having a devastating financial impact around the world, speaking ahead of the EU - CELAC (Community of Latin American and Caribbean States) ministerial meeting in Buenos Aires on Wednesday.

"The aggression war of Russia against Ukraine is sending shockwaves around the world. We have to deal with the food crisis, energy crisis, financial crisis," he stated. "Economic prospects are not good for Latin America, not good for Europe, not good for the world."

"We will discuss about the Mercosur agreement, we have to unblock it," he continued. "We are discussing with Argentina about a deal in order to use all the potential of Argentina to provide energy and food to the world. <…> Together we could do much better.”

The deal between the EU and Mercosur, the Southern Common Market trading bloc consisting of Argentina, Brazil, Paraguay and Uruguay, was originally agreed in 2019.

However it has stalled for a number of reasons. Some MEPs are concerned about Amazon deforestation, and farmers have condemned the possibility of being undercut by cheaper goods European market.

Argentina: 'Economic prospects are not good' - Borrell hopes to unblock Mercosur agreement amid global crisis01:26
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The European Union’s foreign policy chief Josep Borrell claimed that the Russia-Ukraine conflict was having a devastating financial impact around the world, speaking ahead of the EU - CELAC (Community of Latin American and Caribbean States) ministerial meeting in Buenos Aires on Wednesday.

"The aggression war of Russia against Ukraine is sending shockwaves around the world. We have to deal with the food crisis, energy crisis, financial crisis," he stated. "Economic prospects are not good for Latin America, not good for Europe, not good for the world."

"We will discuss about the Mercosur agreement, we have to unblock it," he continued. "We are discussing with Argentina about a deal in order to use all the potential of Argentina to provide energy and food to the world. <…> Together we could do much better.”

The deal between the EU and Mercosur, the Southern Common Market trading bloc consisting of Argentina, Brazil, Paraguay and Uruguay, was originally agreed in 2019.

However it has stalled for a number of reasons. Some MEPs are concerned about Amazon deforestation, and farmers have condemned the possibility of being undercut by cheaper goods European market.