{"id":151665,"date":"2020-10-19T14:40:08","date_gmt":"2020-10-19T14:40:08","guid":{"rendered":"https:\/\/www.bnreport.com\/dombrovskis-moves-to-save-mercosur-deal\/"},"modified":"2020-10-19T14:40:08","modified_gmt":"2020-10-19T14:40:08","slug":"dombrovskis-moves-to-save-mercosur-deal","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/dombrovskis-moves-to-save-mercosur-deal\/","title":{"rendered":"Dombrovskis moves to save Mercosur deal"},"content":{"rendered":"

Europe\u2019s new supercommissioner in charge of trade and economics wants to save the mega trade deal with South America by addressing its critics gravest charge: that it would fuel deforestation.<\/p>\n

Brussels is already in talks with the bloc comprising Brazil, Argentina, Paraguay and Uruguay to negotiate an additional text on climate and deforestation, Commission Vice President Valdis Dombrovskis told POLITICO in an interview<\/a>.<\/p>\n

\u201cWe are already engaging with Mercosur countries, seeing what kind of meaningful pre-commitments we can have from them to ensure successful ratification,\u201d he said.<\/p>\n

The deal, which was negotiated last year but has not yet been ratified, is the EU\u2019s most lucrative trade agreement yet \u2014 it would be the world\u2019s biggest trade agreement in terms of tariff savings and would grant EU industry a first mover advantage in South America\u2019s highly protected markets.<\/p>\n

However, EU countries, including France and Germany, have over the past year warned they won\u2019t be able to ratify the agreement unless Brazil commits to rein in deforestation in the Amazon. Earlier this month, the European Parliament passed a resolution<\/a> saying the \u201cagreement cannot be ratified as it stands.\u201d<\/p>\n

\u201cWe hear the concerns which are being voiced and we are actually sharing those concerns and willing to address them,\u201d Dombrovskis said, citing the agreement\u2019s sustainable development chapter in particular, \u201cor rather enforceability of this chapter, because the concerns \u2026 are linked with the deforestation of the Amazon, and also on adherence of Mercosur countries to the Paris Agreement.\u201d<\/p>\n

Dombrovskis argued the deal was worth the effort. The agreement \u201cgives [a] substantial market opening for the EU, and the EU will also have a substantial first-mover advantage because this is the first agreement of the kind Mercosur is having with a global partner,\u201d he said.<\/p>\n

The new talks were \u201ccurrently at the early stages of consultation,\u201d he said. The goal of this consultation is \u201cclear,\u201d he added: \u201cIt needs to address the questions of deforestation and the questions of adherence to Paris Agreement in a meaningful way \u2026 so that we are able to move forward with the ratification of the agreement.\u201d<\/p>\n

Dombrovskis also lamented the Trump administration\u2019s protectionist turn on trade, but said the U.S. and the EU had to \u201cwork together regardless\u201d of who sits in the White House.<\/p>\n

\u201cOf course we have our fair share of different issues, not least linked with the protectionist trade policies the Trump administration has been pursuing,\u201d he said. \u201cBut from the EU side, we remain committed to the rules-based multilateral trading system and with this approach, we also continue to engage with the U.S. and seek solutions to our bilateral trade disputes.\u201d<\/p>\n

Some of these differences will have to be dealt with immediately, with the current administration, while others will have to wait \u2014 \u201cnot that they are not urgent issues,\u201d according to Dombrovskis, but there are some \u201cwhere we realize that it may take some time to agree on the way to address them.\u201d For example, the World Trade Organization reform \u2014 \u201cand through this, U.S. reengagement with tRead More \u2013 Source<\/a>
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Europe\u2019s new supercommissioner in charge of trade and economics wants to save the mega trade deal wi..<\/p>\n","protected":false},"author":1,"featured_media":151666,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-151665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nDombrovskis moves to save Mercosur deal - Business News Report<\/title>\n<meta name=\"description\" content=\"Europe\u2019s new supercommissioner in charge of trade and economics wants to save the mega trade deal wi..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/dombrovskis-moves-to-save-mercosur-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dombrovskis moves to save Mercosur deal - 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