MercoPress. South Atlantic News Agency

Lula and von der Leyen say Mercosur-EU deal advances multilateralism

Von der Leyen praised Lula’s commitment to “values important to us, such as democracy, the international rules-based order and respect for communities and sovereign nations”

Brazilian President Luiz Inácio Lula da Silva and European Commission President Ursula von der Leyen agreed on Friday that the free trade agreement between Mercosur and the European Union (EU), due to be signed Saturday in Asunción, will benefit global trade, democracy and multilateralism, EFE reported.

In a meeting in Rio de Janeiro, von der Leyen praised Lula’s commitment to “values important to us, such as democracy, the international rules-based order and respect for communities and sovereign nations.” Lula said the pact “is good for Mercosur, is good for the European Union and is good for the democratic world and multilateralism.”

The agreement, the result of more than 25 years of negotiations, is set to create one of the largest free trade areas in the world, linking Mercosur —Argentina, Brazil, Paraguay and Uruguay— with all 27 EU states, a combined market of about 700 million people.

Before it can take effect, the deal must be ratified by the European Parliament and the national parliaments of EU member states, a process expected to take several weeks.

The pact has also drawn opposition from some European agricultural sectors, with concerns about competition from South American products and calls for additional safeguards ahead of full approval.