The Prague Post - Showdown looms as EU-Mercosur deal nears finish line

EUR -
AED 4.100836
AFN 72.581059
ALL 90.772202
AMD 403.672763
ANG 1.998533
AOA 1025.069254
ARS 1720.459037
AUD 1.590034
AWG 2.009939
AZN 1.896945
BAM 1.955184
BBD 2.25391
BDT 138.656917
BGN 1.951686
BHD 0.422267
BIF 3348.564611
BMD 1.116633
BND 1.432771
BOB 13.266818
BRL 5.999112
BSD 1.119057
BTN 106.460444
BWP 15.437272
BYN 3.291792
BYR 21886.007578
BZD 2.250711
CAD 1.565866
CDF 2585.005478
CHF 0.924606
CLF 0.027996
CLP 1105.433602
CNY 7.446099
CNH 7.444425
COP 3519.046692
CRC 509.439426
CUC 1.116633
CUP 26.857895
CVE 110.230256
CZK 24.351088
DJF 199.278972
DKK 7.474685
DOP 68.488413
DZD 150.94665
EGP 62.815189
ERN 16.749496
ETB 183.294764
FJD 2.515555
FKP 0.836607
GBP 0.837754
GEL 2.895463
GGP 0.836607
GHS 13.009307
GIP 0.836607
GMD 82.631193
GNF 9903.789654
GTQ 8.554304
GYD 234.503435
HKD 8.759762
HNL 30.044127
HRK 7.534255
HTG 146.568552
HUF 367.281265
IDR 20259.073239
ILS 3.432475
IMP 0.836607
INR 106.248188
IQD 1695.358035
IRR 2028930.607136
ISK 136.374529
JEP 0.836607
JMD 177.661615
JOD 0.791685
JPY 176.142721
KES 144.905666
KGS 97.649292
KHR 4562.398508
KMF 492.435757
KPW 1004.969692
KRW 1478.226732
KWD 0.346983
KYD 0.932602
KZT 504.638679
LAK 25185.948668
LBP 100212.710627
LKR 371.837793
LRD 190.240037
LSL 18.610551
LTL 3.297127
LVL 0.67544
LYD 7.175802
MAD 10.991935
MDL 20.109571
MGA 5082.443541
MKD 61.555598
MMK 2344.674489
MNT 4019.217093
MOP 9.043109
MRU 44.999413
MUR 52.838902
MVR 17.252251
MWK 1940.505735
MXN 20.726082
MYR 4.563461
MZN 71.364249
NAD 18.610551
NGN 1496.210438
NIO 41.177021
NOK 10.406356
NPR 170.33631
NZD 1.961433
OMR 0.429349
PAB 1.119047
PEN 3.857901
PGK 5.09035
PHP 71.488522
PKR 309.674565
PLN 4.404425
PYG 6451.024423
QAR 4.090711
RON 5.345651
RSD 117.499895
RUB 90.224382
RWF 1654.556261
SAR 4.181959
SBD 9.005252
SCR 15.531903
SDG 671.655189
SEK 11.11673
SGD 1.430513
SHP 0.836743
SLE 25.62717
SLL 23415.241437
SOS 639.489844
SRD 42.08815
STD 23112.049449
STN 24.492061
SVC 9.79187
SYP 14518.46243
SZL 18.604303
THB 37.677987
TJS 10.323346
TMT 3.908216
TND 3.342846
TOP 2.688584
TRY 55.5938
TTD 7.605705
TWD 36.319598
TZS 2953.494355
UAH 51.091454
UGX 5013.576878
USD 1.116633
UYU 44.875855
UZS 13392.898528
VES 960.231858
VND 28842.073099
VUV 132.59261
WST 3.087188
XAF 655.957
XAG 0.020999
XAU 0.000278692495
XCD 3.017757
XCG 2.016855
XDR 0.789517
XOF 655.957
XPF 119.331742
YER 263.692886
ZAR 18.582253
ZMK 10051.016163
ZMW 22.5321
ZWL 359.555383
SSP 6415.840613
MXV 2.337735
  • GSK

    0.3500

    51.1

    +0.68%

  • NGG

    -0.0900

    81.77

    -0.11%

  • CMSC

    0.0010

    19.601

    +0.01%

  • RIO

    0.3000

    83.72

    +0.36%

  • BTI

    0.6200

    60.1

    +1.03%

  • BCC

    -2.3000

    75.44

    -3.05%

  • BCE

    -0.1500

    20.25

    -0.74%

  • BP

    -0.7900

    50.53

    -1.56%

  • AZN

    0.5700

    172.06

    +0.33%

  • RYCEF

    1.2100

    16.47

    +7.35%

  • RBGPF

    0.0000

    72.77

    0%

  • VOD

    -0.0400

    15.7

    -0.25%

  • JRI

    0.1000

    10.85

    +0.92%

  • CMSD

    -0.1600

    19.62

    -0.82%

  • RELX

    -0.3600

    40.18

    -0.9%

Showdown looms as EU-Mercosur deal nears finish line
Showdown looms as EU-Mercosur deal nears finish line / Photo: ARNAUD FINISTRE - AFP

Showdown looms as EU-Mercosur deal nears finish line

Brussels and Berlin insisted Monday the EU's vast proposed trade deal with South American bloc Mercosur must get over the finish line by year end -- despite a last-ditch French push to derail its signing.

Text size:

European Commission chief Ursula von der Leyen is planning to go to Brazil on Saturday to sign the agreement which, 20 years in the making, would create the world's biggest free-trade area.

First though she needs to get approval from the EU's member states -- and heavyweight France made clear Sunday its conditions were not yet met.

President Emmanuel Macron has reached out directly to von der Leyen to request a delay, but the commission reiterated Monday it still expects to get the accord finalised this year.

"This deal is a question of utmost importance for our European Union -- economically, diplomatically, geopolitically, but also in terms of our credibility on the global stage," said a spokesman for the EU's executive, which steers the bloc's trade policy.

Same message from powerhouse Germany, a strong backer of the pact, where a government spokesman called it "urgently necessary" to seal the deal this week.

Wrangling is set to go down to the wire, with up to 10,000 farmers planning to descend on the Belgian capital to vent their anger at the deal during a leaders' summit Thursday and Friday.

The deal would allow the EU to export more vehicles, machinery, wines and spirits to Latin America, while facilitating the entry of South American beef, sugar, rice, honey and soybeans into Europe.

Fearing negative fallout for its agricultural sector -- a concern shared by farmers in Poland and elsewhere -- France has been clamouring for robust safeguard clauses, tighter import controls and more stringent standards for Mercosur producers.

But Paris faces an uphill battle to block the treaty, which only needs support from a weighted majority of EU countries to pass.

- A 'serious crisis' -

Along with Germany, Spain and the Nordic countries strongly support the pact, eager to boost exports as Europe grapples with Chinese competition and US tariffs.

A source in the European Commission said the time to close the deal was "now or never".

But disagreements in a key week when the 27-nation bloc also has to decide on the divisive issue of using frozen Russian assets to aid Ukraine are leaving some uneasy.

"If there is no compromise this week, we risk a serious European crisis. It will be a major failure," said one European diplomat.

A time for the member state vote is still to be determined.

Complicating matters, the European Parliament is to vote Tuesday on "safeguard" measures aimed at reassuring farmers -- and placating France.

EU states have already approved the safeguard clause in question, but lawmakers may decide to strengthen it further.

In another gesture aimed at Paris, the commission last week announced tighter checks on farm imports to ensure they meet EU standards, and pledged to update rules on pesticide residues to prevent banned substances from entering via imports.

Von der Leyen intends to join the leaders of Mercosur members Brazil, Argentina, Paraguay and Uruguay in Foz do Iguacu, home of the famed Iguacu waterfalls, for the signing.

Even if she seals the deal in time to fly there, the battle will not be over.

The European Parliament would still need to give its final approval to the accord, likely in early 2026. Insiders expect a close vote, with national interests weighing heavily.

"All the French will vote against, most of the Poles too," said one parliamentary source, expecting opposition to run across party lines in those countries.

Add parliament's far-left and far-right groups, which broadly dislike the deal, the source said, and you reach around 300 of the assembly's 720 lawmakers -- which could make for an uncomfortably tight vote.

O.Ruzicka--TPP