{"id":125066,"date":"2019-06-29T02:10:12","date_gmt":"2019-06-29T02:10:12","guid":{"rendered":"https:\/\/www.bnreport.com\/eu-strikes-south-american-mega-deal-but-its-not-over-yet\/"},"modified":"2019-06-29T02:10:12","modified_gmt":"2019-06-29T02:10:12","slug":"eu-strikes-south-american-mega-deal-but-its-not-over-yet","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/eu-strikes-south-american-mega-deal-but-its-not-over-yet\/","title":{"rendered":"EU strikes South American mega deal \u2014 but its not over yet"},"content":{"rendered":"

After 20 years of trying, the European Union on Friday finally reeled in its biggest trade deal by striking an accord with the South American Mercosur bloc.<\/p>\n

The political deal will give the European Commission something to brag about at the summit of G20 leading economies in Osaka, where the EUs free-trade agenda is finding itself increasingly isolated in the face of U.S. protectionism and Russian President Vladimir Putins assertions that liberalism<\/a> has had its day.<\/p>\n

Indeed, only moments after the deal was struck, European Commission President Jean-Claude Juncker said in a statement that <\/a>it was a \u201chistorical moment\u201d precisely because of the fevered global debate. \u201cIn the midst of international trade tensions, we are sending today a strong signal with our Mercosur partners that we stand for rules-based trade,\u201d he said.<\/p>\n

Also suggesting that the world is fracturing along ideological lines on openness to trade, EU Trade Commissioner Cecilia Malmstr\u00f6m added: \u201cThis agreement adds four more countries to our impressive roster of trade allies.\u201d<\/p>\n

The four Mercosur nations are Argentina, Brazil, Paraguay and Uruguay.<\/p>\n

\nThe deal is the EUs biggest in terms of tariff reduction, which will come as a catalyst to many traditional industries.\n<\/p><\/blockquote>\n

Any European celebrations in Japan may be short lived, however. The EU will still need to sell the deal to skeptical countries and parliamentarians, who could well lay down hurdles if the agreement \u2014 which centers on a trade-off between cars and cows \u2014 is seen as posing a threat to farmers and the environment.<\/p>\n

While the Commission has an exclusive competence to negotiate EU trade deals, the agreement will still need approval from member countries and the European Parliament, not to mention potentially 40 or so national and regional assemblies.<\/p>\n

The deal is the EUs biggest in terms of tariff reduction, which will come as a catalyst to many traditional industries. It will strip away some \u20ac4 billion of duties each year, over an area with a population of 780 million people.<\/p>\n

Mercosur countries are commiting to withdraw high tariffs on cars (35 percent), machinery (up to 20 percent) and chemicals (up to 18 percent).<\/p>\n

Farmers on the line<\/h3>\n

Europes challenge comes in the agricultural sector, however, as it will have to open its market to the highly competitive beef of the Argentine Pampas and sugar cane from Brazilian plantations. Europes main farm lobby, Copa-Cogeca, warned before the deal that the Mercosur \u201cendgame\u201d should not mean \u201cgame over\u201d for the European farm model.<\/p>\n

EU Agriculture Commissioner Phil Hogan accepted that the deal presented \u201csome challenges\u201d to European farmers, but countered that they should be able to export premium products more effectively thanks to an agreement on protections<\/a> for iconic food names ranging from Italys Parma ham to Frances Comt\u00e9 cheese.<\/p>\n

Europes food producers should also benefit from the dropping of tariffs on spirits (up to 35 percent), wines (27 percent) and confectionary (20 percent).<\/p>\n

European ethanol producers saw no upside, however, and warned the deal threatened to \u201ctrade away\u201d their business. Emmanuel Desplechin, secretary general of ePURE, the European renewable energy association, said his industry was being thrown \u201cunder the bus.\u201d<\/p>\n

Crucially, the deal does ensure that both parties should hold fast to the Paris Climate Agreement, although this has become a contentious topic in recent days.<\/p>\n

Officials in Osaka told POLITICO that U.S. President Donald Trump<\/a>Read More \u2013 Source<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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