Council greenlights signature of EU‑Mercosur partnership and interim trade agreements

Context

The Council adopted two decisions authorising the signature of the EU‑Mercosur Partnership Agreement (EMPA) and the Interim Trade Agreement (iTA) between the European Union and Mercosur. The move is described as an important milestone in the EU's long-standing relationship with Argentina, Brazil, Paraguay and Uruguay.

Key Topic

Together the EMPA and the iTA are intended to create a modernised and comprehensive partnership and, once in force, will establish a framework for political dialogue, cooperation and trade relations. The two agreements were presented by the Council as complementary steps in that broader partnership process.

What to Watch

Before they can be formally concluded the agreements require the consent of the European Parliament, and the EMPA will also need ratification by all EU member states to enter into force.