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EU agrees trade deal with Mercosur after 20 years EU and Mercosur agree huge trade deal after 20-year talks
(32 minutes later)
The EU and South American economic bloc Mercosur have clinched a trade deal following 20 years of negotiations. The EU and South American economic bloc Mercosur have clinched a huge trade deal after 20 years of negotiations.
EU Commission chief Jean-Claude Juncker said it was the EU's biggest deal to date and, at a time of trade tensions between the US and China, showed that "we stand for rules-based trade".EU Commission chief Jean-Claude Juncker said it was the EU's biggest deal to date and, at a time of trade tensions between the US and China, showed that "we stand for rules-based trade".
Brazil's President Jair Bolsonaro said it was "historic" and "one of the most important trade deals of all time".Brazil's President Jair Bolsonaro said it was "historic" and "one of the most important trade deals of all time".
Mercosur consists of Argentina, Brazil, Uruguay and Paraguay.Mercosur consists of Argentina, Brazil, Uruguay and Paraguay.
Venezuela is also a member but it was suspended in 2016 for failing to meet the group's basic standards.
The deal aims to cut or remove trade tariffs, making imported products cheaper for consumers while also boosting exports for companies on both sides.
The two parties began negotiating in 1999 but talks accelerated after US President Donald Trump's election in 2016, which led to the freezing of EU-US talks over a possible deal.The two parties began negotiating in 1999 but talks accelerated after US President Donald Trump's election in 2016, which led to the freezing of EU-US talks over a possible deal.
The EU has also concluded trade agreements with Canada, Mexico and Japan since Mr Trump's election.The EU has also concluded trade agreements with Canada, Mexico and Japan since Mr Trump's election.
However, the EU deal with Mercosur could see savings on tariffs that are four times as big as the savings made in the Japan deal, EU trade commissioner Cecilia Malmstrom said. However, the EU deal with Mercosur could see savings on tariffs that are four times as big as those made in the Japan deal, EU trade commissioner Cecilia Malmstrom said.
What reaction has there been? What is the reaction?
Ms Malmstrom said negotiations had begun 20 years ago to the day.Ms Malmstrom said negotiations had begun 20 years ago to the day.
"They have been long negotiations - tough, difficult, and at least I have said many times 'we are almost there'. Now we are. This is a landmark agreement," Ms Malmstrom said."They have been long negotiations - tough, difficult, and at least I have said many times 'we are almost there'. Now we are. This is a landmark agreement," Ms Malmstrom said.
She said it sent a strong message that both the EU and Mercosur were in favour of "open, sustainable and rules-based trade".She said it sent a strong message that both the EU and Mercosur were in favour of "open, sustainable and rules-based trade".
Meanwhile Argentine President Mauricio Macri tweeted the tearful audio message in which his Foreign Minister Jorge Faurie told him: "In your presidency we have successfully concluded 20 years of negotiations."
Speaking to reporters, Mr Faurie said Mercosur had hitherto been a "very closed commercial space" but that the deal with the EU sent a "very clear message about where we are going".
Argentina's Secretary of International Relations Horacio Reyser said the agreement would create a market for goods and services covering 800 million consumers.Argentina's Secretary of International Relations Horacio Reyser said the agreement would create a market for goods and services covering 800 million consumers.
It would bring benefits for his country, he said, including boosting GDP, creating jobs and attracting investment. It would boost GDP, create jobs and attract investment, he said.
Mr Reyser tweeted a video of the moment the deal was confirmed. He tweeted a video of the moment the deal was confirmed.
However, the environmental group Greenpeace has said the deal amounts to a "disaster for the environment on both sides of the Atlantic". However, the environmental group Greenpeace said the deal - and the likely growth in demand for Latin American agricultural products - amounted to a "disaster for the environment on both sides of the Atlantic".
Ahead of the deal's announcement, it said the agreement would lead to more destruction of the Amazon rainforest and attacks on indigenous peoples as well as increased greenhouse gas emissions and an undermining of farmers' livelihoods on both sides. Ahead of the deal's announcement, it said the agreement would lead to more destruction of the Amazon rainforest and attacks on indigenous peoples.
Cattle farming is already the biggest driver of deforestation, Greenpeace says.
Critics say Mr Bolsonaro's plans to weaken environmental protections also threaten the Amazon.
What's in the deal?What's in the deal?
The EU is already Mercosur's biggest trade and investment partner and its second largest for trade in goods, Reuters reports.The EU is already Mercosur's biggest trade and investment partner and its second largest for trade in goods, Reuters reports.
The EU wants to increase access for its firms that make industrial products and cars and also enable them to compete for public contracts in Mercosur countries. The EU wants to increase access for firms that make industrial products and cars - which are currently subject to tariffs of up to 35% - and also enable them to compete for public contracts in Mercosur countries.
Mercosur wants to increase exports of beef, sugar, poultry and other farm products.Mercosur wants to increase exports of beef, sugar, poultry and other farm products.
In a statement, Brazil said the deal included eliminating tariffs on products such as orange juice, instant coffee and fruit.In a statement, Brazil said the deal included eliminating tariffs on products such as orange juice, instant coffee and fruit.
Meanwhile, producers of other products such as meat, sugar and ethanol would have greater access to the EU market through quotas, the statement said.Meanwhile, producers of other products such as meat, sugar and ethanol would have greater access to the EU market through quotas, the statement said.
How other complex deals compare