Brazil\u2019s National Congress formally ratified the free trade agreement between Mercosur and the European Union during a ceremonial session on Tuesday (17), completing the final step required for the deal to take effect in the country.<\/p>\n
The internalization of the agreement into Brazilian law follows efforts by Lower House Speaker Hugo Motta and Senate President Davi Alcolumbre to fast-track its passage through Congress.<\/p>\n
In the presence of Vice President Geraldo Alckmin and Foreign Minister Mauro Vieira, Alcolumbre declared the legislative decree enacted, formally incorporating the agreement into Brazil\u2019s legal framework.<\/p>\n
\u201cThis is undoubtedly a historic session of the National Congress. As of today, the European Union, the world\u2019s largest economic bloc, joins Mercosur to create one of the largest trade agreements in recent history. After more than 26 years of negotiations, a dynamic market emerges, encompassing over 718 million people and a GDP of R$116 trillion,\u201d Alcolumbre said.<\/p>\n
Signed on January 17, the agreement was reviewed by Brazil\u2019s Congress in exactly two months. During the session, Alckmin thanked lawmakers for the swift approval.<\/p>\n
The vice president, who also serves as minister of Development, Industry, Trade and Services, announced that the ministry signed a joint work plan on Tuesday with the Inter-American Development Bank (IDB) to support implementation of the deal.<\/p>\n
During congressional deliberations, the Parliamentary Agricultural Front (FPA) raised concerns about potential negative impacts on domestic producers. The European Union has established safeguard measures that can be triggered if tariff reductions under the agreement harm internal production\u2014provisions that were not initially mirrored by Brazil.<\/p>\n
Following negotiations led by Senator Tereza Cristina and Nelsinho Trad, head of the Senate Foreign Relations Committee, the Executive branch issued a decree enabling similar safeguards to protect Brazilian industries.<\/p>\n
The agreement provides for the reduction or elimination of import tariffs on goods traded between Mercosur and EU countries. Measures range from immediate tariff elimination to gradual phase-outs over up to 12 years. Despite opposition from France, the European Parliament is expected to apply the agreement provisionally, according to Ursula von der Leyen. Argentina and Uruguay have already ratified the deal.<\/p>\n