After 25 years of negotiations, Argentina will sign a historic agreement between MERCOSUR and the EU on January 17th in Paraguay, announced Economy Minister Luis Caputo. He stated that this deal will grant access to a market of over 700 million people, representing 20% of the world's GDP. According to the minister, the EU will eliminate tariffs on 92% of Argentine exports and provide preferential access for another 7.5%. This will promote trade, investment, and job creation in the country, Caputo said. The agreement will level the playing field for Argentina against other countries like Chile, Mexico, South Africa, Egypt, Morocco, and Ukraine that already have preferential access to the European bloc. The Council of the EU provisionally approved the agreement, clearing a major hurdle for its ratification. The key to the approval was concessions made to Italy, which had previously torpedoed the deal. The agreement will be signed in Asunción, after which it must be approved by the European Parliament.
