Buenos Aires, March 12 (NA) -- The Southern Common Market (Mercosur) activated the mechanism provided for the provisional application of the Interim Trade Agreement with the European Union (EU), which includes tariff reductions, access to new markets, and better trade conditions. This was reported by the Pro Tempore Presidency of Paraguay after Argentina and Uruguay, as member states, notified the depositaries of the agreement of the completion of all internal legal procedures for its entry into force and, at the same time, gave their approval for its provisional application. Similarly, the Federal Senate of Brazil ratified the agreement on March 4, while the Chamber of Senators of Paraguay approved it the previous week. The ratification by the Chamber of Deputies of Paraguay is still pending, according to a report from Xinhua accessed by the Argentine News Agency. Meanwhile, the EU announced it will activate the provisional application of the agreement, as reported by the President of the European Commission, Ursula von der Leyen. The agreement stipulates that the provisional application by the EU and a Mercosur signatory state will begin on the first day of the second month following the date on which both parties have mutually notified each other of the completion of their internal procedures or the ratification of the Agreement, and have confirmed their agreement to provisionally apply it.
