Provisional application of the EU-Mercosur agreement begins on May 1st

The EU today informed the Latin American group Mercosur that the Interim Trade Agreement between the two blocs will be provisionally applied from May 1st.

By notifying Paraguay, the legal guardian of the Mercosur agreement, the European Commission has completed the final procedural step for provisional application, in accordance with the Council decision of early January.

Thus, from May, the trade agreement will be provisionally applied between the EU and Mercosur countries that complete the ratification procedures and notify the Union before the end of this month.

Argentina, Brazil and Uruguay have already done so, while Paraguay recently ratified the agreement and is expected to notify it soon, the Commission said in a statement.

The provisional application will ensure the removal of tariffs on certain products from day one, creating predictable rules for trade and investment.

The Commission stated that EU companies, consumers and farmers will be able to immediately benefit from the agreement, while sensitive sectors of the Union's economy will be fully protected by strong safeguards.

European Trade Commissioner Maroš Šefčovič said the priority is to now turn the EU-Mercosur agreement into concrete results, giving EU exporters the platform they need to seize new opportunities for trade, growth and jobs.

"I look forward to seeing this agreement fulfill its potential, strengthen our economy and consolidate our position in global trade, while at the same time completing all democratic procedures," said Šefčovič.

The provisional application will also ensure stronger cooperation between the EU and Mercosur on pressing global issues, such as labour rights and climate change, and contribute to creating more resilient and reliable supply chains, especially for the flow of critical raw materials.