Mexican Media Brands
EU Cinches “Historic” Trade Pact with South America
The European Union and Mercosur, South America’s trade powerful economic bloc, have completed a broad bilateral trade agreement to lower or remove tariffs in both directions.
#economics #labor
Share
The European Union and Mercosur, South America’s trade powerful economic bloc, have completed a broad bilateral trade agreement to lower or remove tariffs in both directions.
European Union President Jean-Claude Juncker describes the pact as the EU’s biggest ever. BBC News says the deal promises to open major markets in South America that have been some of the world’s most shielded economies.
Mercosur consists of Argentina, Brazil, Paraguay and Uruguay. Venezuela’s membership was suspended three years ago when it became unable to meet the group’s basic membership standards.
A primary goal for the EU is to lower South American tariffs on imported cars, which can run as great as 35%, and other industrial goods. Mercosur aims to boost its export of beef, poultry and sugar to Europe.
In a swipe at the Trump administration’s mercurial trade policies, EU Trade Commissioner says the new agreement underscores the preference of both parties for “open, sustainable and rules-based trade.” She adds that talks between the EU and Mercosur accelerated after Trump’s presidency began.
BBC News points out that the EU also has cinched trade pacts with Canada, Mexico and Japan since President Donald Trump’s election in 2016.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.