The Prague Post - EU's Mercosur trade deal hits French, Italian roadblock

EUR -
AED 4.313437
AFN 77.857768
ALL 96.703218
AMD 448.16276
ANG 2.102869
AOA 1077.037474
ARS 1701.589707
AUD 1.77257
AWG 2.114141
AZN 1.996589
BAM 1.960612
BBD 2.364091
BDT 143.434086
BGN 1.95915
BHD 0.442807
BIF 3469.968474
BMD 1.174523
BND 1.516852
BOB 8.110595
BRL 6.464101
BSD 1.173731
BTN 106.15401
BWP 15.502387
BYN 3.465959
BYR 23020.642557
BZD 2.360764
CAD 1.617065
CDF 2642.675402
CHF 0.933781
CLF 0.027416
CLP 1075.240079
CNY 8.270929
CNH 8.265479
COP 4522.252542
CRC 584.810379
CUC 1.174523
CUP 31.124848
CVE 110.530152
CZK 24.389545
DJF 209.014076
DKK 7.47142
DOP 73.879747
DZD 152.062996
EGP 55.868526
ERN 17.617839
ETB 182.474348
FJD 2.677321
FKP 0.874908
GBP 0.879089
GEL 3.165363
GGP 0.874908
GHS 13.521668
GIP 0.874908
GMD 86.326653
GNF 10261.616743
GTQ 8.989795
GYD 245.572243
HKD 9.137386
HNL 30.92524
HRK 7.536562
HTG 153.744055
HUF 387.819086
IDR 19613.352554
ILS 3.784282
IMP 0.874908
INR 106.148829
IQD 1537.641036
IRR 49473.820201
ISK 148.002083
JEP 0.874908
JMD 187.820961
JOD 0.832774
JPY 182.596565
KES 151.289863
KGS 102.712187
KHR 4701.338151
KMF 493.299913
KPW 1057.083725
KRW 1729.731568
KWD 0.36032
KYD 0.978159
KZT 603.725997
LAK 25425.074943
LBP 105110.240336
LKR 363.524444
LRD 207.75103
LSL 19.658244
LTL 3.468059
LVL 0.710457
LYD 6.364457
MAD 10.755255
MDL 19.806768
MGA 5302.947067
MKD 61.559811
MMK 2466.755122
MNT 4167.704906
MOP 9.404882
MRU 46.668749
MUR 54.086853
MVR 18.099226
MWK 2035.308525
MXN 21.11865
MYR 4.802036
MZN 75.063039
NAD 19.657909
NGN 1710.187282
NIO 43.193433
NOK 11.982784
NPR 169.842268
NZD 2.029428
OMR 0.451607
PAB 1.173766
PEN 3.953985
PGK 4.990952
PHP 68.810593
PKR 328.893388
PLN 4.208655
PYG 7884.047408
QAR 4.278865
RON 5.093086
RSD 117.375881
RUB 94.136416
RWF 1709.021623
SAR 4.405285
SBD 9.588099
SCR 15.848316
SDG 706.479603
SEK 10.912032
SGD 1.515581
SHP 0.881196
SLE 27.948604
SLL 24629.155534
SOS 669.597756
SRD 45.428227
STD 24310.246043
STN 24.559229
SVC 10.270638
SYP 12986.879782
SZL 19.653398
THB 36.940491
TJS 10.833774
TMT 4.122574
TND 3.425634
TOP 2.827969
TRY 50.180409
TTD 7.962202
TWD 36.949896
TZS 2899.838734
UAH 49.820151
UGX 4184.072857
USD 1.174523
UYU 45.729897
UZS 14209.328927
VES 320.931369
VND 30931.05213
VUV 142.502152
WST 3.278127
XAF 657.542787
XAG 0.01778
XAU 0.00027
XCD 3.174206
XCG 2.115447
XDR 0.815677
XOF 657.551205
XPF 119.331742
YER 279.94736
ZAR 19.614609
ZMK 10572.114496
ZMW 26.908008
ZWL 378.195791
  • SCS

    0.0200

    16.14

    +0.12%

  • CMSC

    -0.0800

    23.26

    -0.34%

  • NGG

    1.2900

    77.06

    +1.67%

  • RIO

    1.5500

    77.54

    +2%

  • BCC

    -0.1100

    75.73

    -0.15%

  • BCE

    -0.0900

    23.24

    -0.39%

  • CMSD

    -0.1920

    23.188

    -0.83%

  • GSK

    0.2550

    49.035

    +0.52%

  • RYCEF

    -0.0300

    14.77

    -0.2%

  • VOD

    0.0850

    12.785

    +0.66%

  • AZN

    -0.5300

    90.82

    -0.58%

  • BP

    0.5750

    34.335

    +1.67%

  • BTI

    0.0750

    57.365

    +0.13%

  • RBGPF

    0.4100

    82.01

    +0.5%

  • JRI

    -0.0830

    13.427

    -0.62%

  • RELX

    -0.0750

    40.745

    -0.18%

EU's Mercosur trade deal hits French, Italian roadblock
EU's Mercosur trade deal hits French, Italian roadblock / Photo: ARNAUD FINISTRE - AFP

EU's Mercosur trade deal hits French, Italian roadblock

EU plans to seal a vast trade deal with South American bloc Mercosur this week were thrown into disarray Wednesday as Italy joined France in demanding more time to sign off on it.

Text size:

Twenty years in the making, the pact to create the world's biggest free-trade area is backed by Germany and many of the European Union's 27 nations, keen to diversify trade in the face of US tariffs.

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, France has long been a holdout, but had failed to muster enough support to block the accord -- until now.

With just days to go, Italian Prime Minister Giorgia Meloni broke cover on Wednesday and said Rome was not ready.

"It would be premature to sign the deal in the coming days," she told parliament, arguing that some of the safeguards Italy wants to protect its farmers were still to be finalised.

The European Commission was expecting member states to give the deal their approval in time for EU chief Ursula von der Leyen to fly to Brazil to sign the deal with Mercosur partners Saturday.

That is now in doubt, though a commission spokesman said EU leaders will discuss the matter at a summit in Brussels Thursday -- as thousands of farmers converge on the city in protest.

Talks "could get pretty heated", a European diplomat said, speaking on condition of anonymity.

Paris had already thrown a spanner in the works by calling this week for a delay to the vote, demanding robust safeguard clauses, tighter import controls and more stringent standards for Mercosur producers.

President Emmanuel Macron told a cabinet meeting Wednesday that France would "firmly oppose" the European Union forcing through the deal.

- 'Refundable ticket'? -

Key power Germany as well as Spain and the Nordic countries strongly support the Mercosur pact, eager to boost exports as Europe grapples with Chinese competition and a tariff-happy administration in the White House.

Spanish Agriculture Minister Luis Planas described the deal as "crucial" this week while the German government said its signing was "urgently necessary".

But with Hungary and Poland also averse, Meloni's move means critics would now have enough clout within the European Council to shoot down the deal, were it to be put to a vote.

The twist cast a cloud over von der Leyen's plans 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.

"I hope she has a refundable ticket," jeered a second diplomat.

Meloni said Italy does not intend "to block or oppose the agreement as a whole" and was "very confident" the conditions would be met for Rome to sign at the start of 2026.

She said Italy has "worked intensively with the Commission" on its demands, including safeguard mechanisms, a fall-back compensation fund, and stronger pest and disease regulations.

But with those measures yet to be "fully finalised", she said, signing in the coming days was "still premature".

Brussels has insisted on getting the trade deal over the finish line by the end of the year -- calling it a matter of credibility with regard to the EU's South American partners.

Brazil's left-wing President Luiz Inacio Lula da Silva said Tuesday he still hoped it could be signed this weekend.

"I hope that my friend Macron and Italy's Prime Minister Meloni take responsibility," he said, adding he hoped the EU would be bringing "good news" to Foz do Iguacu.

burs-ub-adc/ec/jhb

B.Svoboda--TPP