European firms already have around 300 billion euros (S$434.7 billion) of investments in Mercosur countries
LESS than 100 days before the US presidential election, there is growing global focus on the polarised politics of the United States. However, Europe is also ramping up its engagement in the south of the Americas as it attempts to secure a breakthrough Mercosur trade deal that could be sealed at November’s G20 summit in Brazil.
The European Union is currently negotiating trade deals with multiple key world powers, including India in the Asia Pacific. However, its top international trade priority in the second half of 2024 is probably the Mercosur deal with Brazil, Argentina, Uruguay and Paraguay, which would create a “new” combined market of some 800 million people.
The two parties have used 2024, a big election year, to make progress towards resolving outstanding, vexed issues. Following the European Parliament elections in June, and the selection of a new Commission in Brussels soon, EU officials increasingly believe there might be a window of opportunity to ink an agreement this year. This could happen at the Brazil-hosted G20 from Nov 18-19, soon after the US elections on Nov 5, in negotiations that will be widely watched around the world, including China which has prioritised ties in Latin America too.
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Publish date : 2024-08-07 10:26:00
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