The EU-Mercosur Association Agreement is a comprehensive trade agreement between the European Union and the Mercosur bloc, which includes Argentina, Brazil, Paraguay, and Uruguay. One of the key components of this agreement is the trade section, which aims to increase trade and investment between the two regions while promoting sustainable development.
Under the trade section, the EU and Mercosur will eliminate tariffs on 90% of their bilateral trade. This means that businesses will have access to a larger market without facing customs duties, making it easier and cheaper for them to sell their goods and services. The remaining 10% of tariff lines will be subject to reduced duties or quotas, which will also benefit trade.
The agreement will also include provisions to protect intellectual property rights, including copyrights, trademarks, and patents. This will help ensure that European and Mercosur companies can protect their intellectual property, which is essential for innovation and competitiveness.
In addition to these measures, the trade section of the EU-Mercosur Association Agreement also includes provisions to promote sustainable development. These provisions cover a range of issues, including environmental protection, labor rights, and social development. For example, the agreement includes commitments to implement the Paris Agreement on climate change and to promote sustainable forest management.
Overall, the trade section of the EU-Mercosur Association Agreement is a significant development in the relationship between the EU and Mercosur. By increasing trade and investment and promoting sustainable development, this agreement will create opportunities for businesses and benefit consumers in both regions.