EU countries give preliminary approval to MERCOSUR agreement

EU ambassadors have backed a free trade agreement with the South American bloc MERCOSUR, effectively giving the green light for the deal to be signed next week, in line with plans by the European Commission.

According to the European bureau of Report, the information was confirmed by EU sources and corroborated by several media outlets citing diplomats from individual EU member states.

Italy"s vote proved decisive, allowing supporters of the agreement to secure the qualified majority required for approval.

As reported by Reuters, the preliminary endorsement must still be followed by formal written confirmation from EU capitals later this evening. However, this is usually considered a procedural step, as diplomats act with the backing of their governments.

Nevertheless, objections to the outcome of the vote may still be submitted until 17:00 today.

Negotiations on the agreement lasted 25 years and were concluded only at the end of 2024, with an additional year required to reach consensus with the EU Council and the European Parliament.

The EU's largest economies, Germany and Spain, have consistently supported the deal, which is expected to open major new markets for the bloc and provide access to critical minerals. In recent years, this has become increasingly important amid the development of new technologies and growing constraints on access to rare earth elements for strategic sectors of the European economy.

According to Politico, France, Poland, Austria, Ireland, and Hungary opposed the agreement, while Belgium abstained.

In an effort to persuade member states, the European Commission proposed additional safeguards for the agricultural sector in case of a sharp increase in imports from MERCOSUR countries-Brazil, Argentina, Paraguay, and Uruguay.