Mercosul
Lula says mercosul-korea deal could be reached in 2026
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President Luiz Inácio Lula da Silva stated that the trade agreement between Mercosul and South Korea could be concluded in 2026, following a meeting with South Korean leader Lee Jae-myung in Seoul. The two leaders agreed to resume negotiations stalled since 2021. The statement is part of Lula's Asia trip, which includes stops in India and the United Arab Emirates.
Brazil's Senate approved the EU-Mercosul free trade agreement on Wednesday (4), completing congressional proceedings and sending the text for presidential sanction. The treaty is expected to take provisional effect in May after notification to the EU. Negotiated since 1999, it links markets with a combined GDP of $22 trillion and will eliminate tariffs on 91% of bilateral trade.
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The European Council approved the free trade agreement between the European Union and Mercosul on Friday (9), with support from 21 of the 27 member states, following negotiations started in 1999. Despite the progress, hurdles remain, including European Parliament approval and potential legal challenges from countries like France. Signing is scheduled for January 17 in Asunción, Paraguay.