With the signing of the EU-Mercosur Trade Agreement, the biggest trading bloc in the world has been established.  

European businesses – represented by more than 28 associations across multiple sectors – have warmly welcomed the signature. 

“It sends a strong and timely signal that the EU remains open and is committed to rules-based global trade. In a time of global uncertainty, this agreement is a key growth booster,” the associations said. 

The agreement opens access to over 270 million consumers by eliminating trade barriers and removing tariffs on more than 90% of EU exports. It gives European companies the boost they need to export, invest, and grow, while diversifying supply chains and sourcing essential products and raw materials from Mercosur countries. 

According to DG Trade’s calculations, the deal is expected to add €77.6 billion to EU GDP by 2040, driving a 39% increase in EU exports to Mercosur. 

With the agreement now signed, the European Parliament holds the power to finalize ratification. “We therefore call on Members of the European Parliament to give their consent and allow Europe’s engine of economic growth and prosperity to be switched on and move ahead decisively,” the associations urged. 

After more than 25 years of negotiations, they stressed, “We are finally in sight of the finish line. We cannot afford to wait any longer.”