Mercosur will be ready to exchange tariff-reduction proposals with the European Union until the end of May. The information was given by the Brazilian Minister of Development, Industry and Foreign Trade, Mauro Borges, last Thursday (May 8th). According to the minister, a meeting will happen on the 12th and 13th of May in Caracas (Venezuela), where the trade bloc should close the deal.
Borges said the Argentine proposal is already largely completed and Paraguay and Uruguay are still working on small adjustments. The expectation is that by the end of the month Mercosur will be in Brussels to tell the EU they are ready for the exchange of proposals. The offer should involve between 87% and 90% of trade between the blocs. The Brazilian minister pointed out that they expect competitive advantages for the agricultural area since Mercosur will open its industry.
Source: O Estado de São Paulo and Mercopress.