Picture: QNA/ X
Brussels: The free trade agreement between the European Union and four countries from the Mercosur group in Latin America (Brazil, Argentina, Uruguay, and Paraguay) entered into provisional effect today, Friday.
The agreement, which took 25 years to negotiate, aims to boost trade in goods and services through the gradual removal of trade barriers and tariffs.
According to the European Commission, the deal creates a market of around 720 million people and reduces tariffs by billions of Euros.
The agreement is also seen as a challenge to the protectionist tariff policies pursued by US President Donald Trump.
However, the deal has raised concerns about the potential impact on EU standards related to consumer protection, environmental safeguards, and animal welfare.
European farmers in particular have expressed concern over increased competition and further pressure on prices.
To address these concerns, additional economic safeguard clauses were added to the agreement at the last minute.
These provisions include close monitoring and potential countermeasures for certain product groups such as beef, poultry, citrus fruits, and sugar.
Nevertheless, a narrow majority of EU lawmakers in January called for a legal review of the agreement by the European Court of Justice, meaning the agreement can only be applied provisionally until the European Parliament grants its final approval.
