MercoPress. South Atlantic News Agency

Hague and Figuereido optimistic about outcome of the delayed Mercosur/EU trade pact

The two foreign ministers at the press conference in the Itamaraty palace

Brazilian and UK foreign ministers Luiz Alberto Figuereido and William Hague said that Mercosur and the European Union are concluding the tariffs' reduction proposals which they plan to exchange as part of the process leading to a wide ranging cooperation and trade agreement between the two blocks.

 Negotiations between the two blocks have been going on for over a decade with not much advance but a new impulse starting in 2010 has seen a round of negotiations and must now enter the crucial moment of exchanging proposals, a process that has not been smooth for either Mercosur and the EU, and which has experienced successive delays in December, January, February. Now apparently March will be the time for the much expected meeting.

At a joint press conference in Brasilia on Tuesday, next to Hague, Figuereido admitted that it is “a complex process” but assured it was in the 'last stages', and the different proposals to exchange will be presented as soon as possible.

“We still don't have a date, but I can assure that the time for the much delayed exchange of proposals which will be the basis of the trade agreement with the EU is very close”, said Figuereido.

Regarding the Mercosur proposal the Brazilian minister said that the block is advancing to a common position, but “we still have work ahead of us”.

Foreign Secretary Hague said UK strongly looks forward and supports the success of the agreement because it will be a powerful instrument “to expand trade” with Argentina, Brazil, Uruguay and Paraguay, Mercosur four full and founding members which are part of the trade negotiations, to which also belongs Venezuela, the latest incorporation but at this stage is not involved in the talks.

“It is important we continue with this effort and that we do so with energy”, said Hague who arrived to Brazil late Monday and on Wednesday is visiting Sao Paulo for meetings with business people and investors, before returning to London.