The EU and Mercosur exchanged offers on goods and services in their trade talks last week, in an effort to give new momentum to the long-running negotiations. The move comes amid a turbulent political situation in Brazil, which has raised concerns over the potential broader implications for the region and beyond. “Both sides remain fully committed to this negotiation, in view of the important economic and political gains expected for both sides from a comprehensive, ambitious, and balanced EU-Mercosur Association Agreement,” the two blocs said in a brief communiqué released on 11 May. They also pledged to hold a meeting at chief negotiators’ level before the summer break, during which time they will attempt to chart a path forward for the second half of 2016. The 11 May offers swap was the first such exchange between the two sides since 2004, when the talks stalled. (See Bridges Weekly, 6 October 2004 ) The EU-Mercosur talks originally began in 1999, as part of a larger effort to launch a region-to-region Association Agreement between the two sides. While re-booted in 2010, progress in recent years has been limited, with no negotiating rounds held since late 2012. (See Bridges Weekly, 19 May 2010...
Theme: GLOBAL ECONOMIC GOVERNANCE
Tags: Regional Trade Agreements (RTAs), European Union (EU), MERCOSUR, Regional Trade Agreements (RTAs)