The EU will launch the provisional application of a trade agreement with South American countries
The European Union has completed the procedures for the provisional application of the trade agreement with the Mercosur countries.
Euronews reported this, citing European Commissioner for Trade Maroš Šefčovič.
According to him, on March 23, the European Commission took the final steps to ensure the agreement takes effect as early as May 1.
This involves a special procedure that allows the agreement to be launched despite the fact that its ratification was previously suspended following a vote in the European Parliament, as well as despite ongoing legal proceedings.
“Provisional application will allow us to begin fulfilling this promise,” Šefčovič stated, emphasizing that the agreement will open new opportunities for trade, growth, and job creation in the EU.
The European Commission emphasizes that this step should give European exporters access to new markets in South America even before all legal procedures are finally completed.
The European Parliament’s Committee on International Trade has endorsed amendments to the EU-US trade agreement, paving the way for the document’s ratification.
Earlier reports indicated that the European Union plans to suspend ratification of the trade agreement with the US, which was concluded last summer.
