EU and Mercosur sign comprehensive partnership agreement

Key provisions of the EU-Mercosur Agreement: - EU eliminates tariffs on 91% of imports from Mercosur over 10 years - Mercosur eliminates tariffs on 91% of imports from EU over 15 years - Tariff-rate quotas for sensitive products (beef, poultry, ethanol, sugar) - Geographical indications protected (357 EU GIs, 220 Mercosur GIs) - Rules of origin generally based on change in tariff classification at heading or subheading level European exporters of cars, machinery, chemicals, pharmaceuticals, wines, and dairy stand to gain. Brazilian exporters of beef, soybeans, coffee, and orange juice expect improved EU access subject to TRQs. Ratification by EU member states and Mercosur national congresses required for entry into force.