MercoPress. South Atlantic News Agency

Uruguay's Economy Minister hopeful about EU-Mercosur FTA deal

Oddone also hoped peace would prevail in the conflict escalating in Venezuela

Uruguay’s Economy Minister Gabriel Oddone said Tuesday in Madrid that he was strongly confident that the long-delayed Free Trade Agreement (FTA) between the European Union (EU) and the Southern Common Market (Mercosur) will be signed shortly. Additionally, he voiced his concerns over the escalating military tensions in the Caribbean.

Speaking at the EFE-Casa de las Américas Forum, Oddone framed the EU-Mercosur agreement as a crucial response to a changing global landscape. Oddone insisted he was “absolutely convinced” the historic trade pact, which was announced a year ago but delayed by European reluctance, would come to fruition.

The Minister expressed confidence that the final signing could take place on December 20 in Brasilia, coinciding with the Mercosur summit scheduled for that date. This timeline aligns with the wishes of European Commission President Ursula von der Leyen, according to Brazilian Foreign Minister Mauro Vieira. However, other sources mentioned that Brazil intends to host the regional bloc's gathering in Foz do Iguaçu.

Oddone attributed the recent feasibility of the agreement to a “totally different” global scenario, citing Europe's “more challenging” relationship with Russia and the US tariff war. He stressed that reaching agreements and “flexibilizing positions” were essential.

While the agreement still requires approval by the European Parliament and the Council, Oddone remains confident despite “reluctance of some sectors,” such as French and Polish farmers. He affirmed Uruguay's patience, noting the pact has been worked on for 25 years and is “very beneficial for both parties.”

The Minister believes the EU deal will serve as a “catalyst” for other nations to seek membership in the South American bloc. He highlighted Panama, recently included as an associate state, as making “steady” progress toward full membership requirements.

Asked about the mounting crisis in the Caribbean following US military deployments in the area, Oddone emphasized Uruguay's “firm adherence to peace.”

The Minister insisted that his country viewed any episode of escalating violence in the region as “a cause for concern” and confirmed Montevideo was monitoring events “closely and attentively” to offer assistance if needed.

Oddone also expressed hope for a negotiated solution to the crisis with Venezuela. “Let's hope that diplomatic channels work, and I am convinced that our foreign minister is working hard to help as much as possible.”

The Uruguayan official underscored his small nation's stability, noting it expects sustained growth of 2.5% over the next five years and regulated inflation of 4.5%.