Efta delegation will stay in Brazil until Friday (22nd March) for talks on free trade, moving forward in relation to the EU
Representatives of Efta (European Free Trade Association), a trading bloc formed by Iceland, Liechtenstein, Norway and Switzerland, are on an official visit to South America to discuss a free trade agreement with the Mercosur.
After a visit to Argentina, the Efta Parliamentary Commission arrives in Brasília this Wednesday (20.mar.2024). He will meet with the vice-president and minister of Development, Industry, Commerce and Services, Geraldo Alckmin (PSB), and with the presidents of the Senate, senator Rodrigo Pacheco (PSD-MG), and from the Chamber, deputy Arthur Lira (PP-AL).
“In times of major geopolitical changes and disruptions to global value chains following the pandemic, Efta is making efforts to expand its free trade network”, said the European group in statement.
In another initiative in this regard, on March 10, the group concluded a free trade agreement with India, the most populous country in the world.
Trade between Mercosur and Efta already operates under an agreement signed in 2019. It includes tariff reductions and regulatory issues, such as investments and government purchases.
“In 20 years, the volume of trade between Efta and Mercosur has increased almost 4 times, reaching €7.4 billion in 2023. The foundations exist to institutionalize these prosperous economic relations and expand them further”, said the European association in a statement.
On Friday (22nd March), Efta representatives will travel to Rio de Janeiro, where they will visit the Fiocruz (Oswaldo Cruz Foundation), the BNDES (National Bank for Economic and Social Development) and the company Zurich Airport Brazil. The purpose of the visits is to understand “additional avenues of cooperation in the areas of research and development, financing of large infrastructure and development projects, and investment opportunities in Brazil”, reported Efta.
If negotiations for free trade evolve, an agreement could be signed before the one being drawn up between Mercosur and the HUH (European Union).
The president Luiz Inácio Lula da Silva (PT) said on March 6, during the visit of the Prime Minister of Spain, Pedro Sánchez, to Brasília, that negotiations for the Mercosur-EU agreement are advanced and that its conclusion does not depend on France's consent. The country is the main opponent of the initiative.
The conversations, however, stalled. The European economic scenario, with persistent inflation and modest growth, prevents several countries from feeling comfortable opening their markets to Brazilian products. The election for the European Parliament, which will be held from June 6th to 9th, also impacts the progress of negotiations.
#Block #Switzerland #negotiates #trade #agreement #Mercosur