Published on: 2026-04-29
Source: People’s Republic of China in Russian –
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Brazil, April 28 /Xinhua/ — The President of Brazil, Luiz Inácio Lula da Silva, on Tuesday signed a decree entering into force the agreement on free trade between the South American common market /MERCOSUR/ and the European Union /EU/, which became a key step on the way to creating one of the largest trade zones in the world.
The agreement, signed in January after 26 years of negotiations and approved by the Congress of Brazil, will gradually come into effect starting May 1.
Speaking at the signing ceremony, L. I. Lula da Silva stated that this deal is the result of a lengthy negotiation process and emphasized its importance for strengthening multilateralism.
The agreement provides for a gradual reduction or elimination of tariffs on more than 90% of goods that are the subject of trade between the two blocs.
It will allow to unite a market with a population of 720 million people, combining MERCOSUR / Brazil, Argentina, Paraguay, Uruguay, Bolivia / with the EU.
At the initial stage, the deal will focus on trade issues, including tariff reductions, government procurement, and simplification of trade procedures.
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