Mercosur and the European Union have reached, this Friday, a consensus on the terms of a free trade agreement between the blocs, according to information disclosed by the Brazilian negotiators in Brussels and main news outlets.
The terms of the negotiated agreement were kept confidential in the past years, but the expectations are that includes a comprehensive schedule for preferential tariff concessions and that, on a general manner, should be shorter for the European Union.
The negotiation was launched in 1999, but interrupted in 2004 after the parties disagreed with the offers proposed. In 2010, the negotiations were retaken, yet on a slower pace, with its priority being increased only in 2016. According to the negotiators, historically sensitive items for the trade between the blocs became a hindrance, especially the agricultural sector.
This is possibly the greatest free trade deal signed by Brazil, and with an enormous potential to expand the relation between the countries involved and their commercial relations.
According to official statistics, in 2018, the European Union was the second greatest destination of the Brazilian exports (only behind China). The total traded value between the blocs reached US$ 76.87 billion, with a balance of US$ 7.34 billion for Brazil.