The agreement between the EU and Mercosur – the trade bloc formed by Argentina, Brazil, Paraguay and Uruguay – would progressively reduce and eliminate tariffs between the two regions, which have 710 million inhabitants and represent just under 18% of the world’s gross domestic product.
Europe has continued to pressure the South American bloc to commit to binding measures to tackle deforestation and, in a so-called letter attached to the agreement, has proposed changes to the chapter focused on trade and sustainable development.
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This additional instrument – which was not officially announced but has circulated among Mercosur and EU members, and has even been leaked to environmentalists – reiterates the signatories’ demand “not to lower their environmental or labor standards with the intention to attract foreign trade or investment.”
