The European Commission has submitted proposals to the Council for the signature and conclusion of both the EU-Mercosur Association Agreement and a renewed agreement with Mexico, the Brussels-based authority announced Wednesday
These agreements represent a key element of the EU’s strategy to diversify its trade relationships and strengthen economic and political ties with like-minded partners globally The accords are projected to generate export opportunities worth billions of euros for EU businesses, contribute to economic growth and competitiveness and support hundreds of thousands of jobs across Europe
The agreement with Mercosur is poised to create one of the world’s largest free trade zones, encompassing a market of over 700 million consumers Estimates suggest the agreement could increase the EU’s annual exports to Mercosur by as much as 39 percent and create more than 440,000 jobs within Europe France recently voiced reservations regarding the agreement however
The modernized agreement with Mexico aims to facilitate access to critical raw materials and benefit strategic industries in Europe Both agreements require separate approval from the European Parliament and individual member states before they can enter into force