The Senate's Foreign Relations Commission (CRE) has scheduled a vote for this Wednesday (4) on the interim trade agreement between Mercosur and the European Union blocs. The text to be considered is the commercial portion, which was signed in January by heads of state from both blocs.
The broader agreement, which incorporates the commercial portion plus political and cooperation sections, still requires evaluation by the European Court of Justice. The interim agreement was approved by the Chamber of Deputies and is now proceeding through the Senate Commission as a Legislative Decree Bill, with Senator Tereza Cristina (PP-MS) as rapporteur.
The international agreement provides for gradual reduction, over up to 18 years on average, of trade tariffs between the five Mercosur countries and the 27 European Union member states.
Additionally, it establishes common rules for trade in industrial and agricultural products and investments. Together, the Mercosur and European Union countries currently have approximately 718 million inhabitants and an estimated gross domestic product (GDP) of roughly 22.4 trillion dollars.
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