Argentina sees growth path in Mercosur deal
The EU-Mercosur trade deal was welcomed by the Argentinian President Mauricio Macri, who believes that his country will manage to adapt fast to the EU regulations. "It is a highway to growth because it is an agreement that allows us to reciprocally commit to comply, to have the rules of the game clear. What we have achieved and cost us so much these three and a half years has laid the foundation for us to achieve a greater and faster growth for the next 20 years," he said, according to Xinhua News agency.
The Free Trade Agreement signed on 28 June is creating a market making up almost a quarter of the world's gross domestic product (GDP). The Mercosur bloc comprises Argentina, Brazil, Uruguay and Paraguay. The agreement removes tariffs for 93% of Mercosur exports to the EU and offers preferential treatment for the remaining 7%.
Both parts agreed on transition periods ranging from 10 to 15 years for Mercosur countries, during which the FTA will be applied gradually in accordance with the adjustments of Mercosur members' economies.
Nevertheless, in the EU farmers are rejecting the deal considering that the sector is endangered by the large quotas of beef and poultry granted to the South American countries and expressed their concerns regarding food safety in relation to Brazil.
In the last couple of years, the Brazilian meat industry was confronted with a series of scandals regarding bribery, corruption and food safety issues.
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