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Germany: EU-Mercosur Pact Ratification Still Needs Work
2 Jul
Summary
- German Foreign Minister sees "issues" before EU-Mercosur trade deal ratification.
- Mercosur members discussed export quotas following the recent summit.
- A memorandum on critical minerals was signed between Germany and Argentina.
German Foreign Minister Johann Wadephul indicated on Wednesday that challenges remain before the European Union's trade deal with the Mercosur bloc can be officially ratified. He expressed optimism that these outstanding issues can be resolved.
Wadephul's remarks followed a Mercosur summit in Paraguay, where member nations deliberated on the distribution of export quotas as part of their recently concluded agreement with the EU.
The EU-Mercosur trade accord, finalized after 25 years of negotiations, aims to establish a free trade area with reduced tariffs. The agreement affects a market of 700 million people, with trade between the blocs reaching 111 billion euros in 2024.
During his visit, Wadephul also engaged in discussions with Argentine Foreign Minister Pablo Quirno, announcing a memorandum of understanding focused on critical minerals to bolster supply chains amid increasing demand from the energy transition.
