Brazil is committed to completing the trade deals signed between Mercosur and the European Union, Brazilian President Jair Bolsonaro said during his speech to the 75th UN General Assembly on Tuesday
UNITED NATIONS (Pakistan Point News / Sputnik - 22nd September, 2020) Brazil is committed to completing the trade deals signed between Mercosur and the European Union, Brazilian President Jair Bolsonaro said during his speech to the 75th UN General Assembly on Tuesday.
"We remain committed to completing the trade agreements signed between Mercosur and the European Union, as well as the European Free Trade Association," Bosonaro said. "These agreements contain important provisions that reinforce our commitment to environmental protection."
Bolsonaro emphasized that his administration had put behind protectionism and has adopted trade liberalization.
"I reaffirm our commitment for the proposed reform of the World Trade Organization which must provide us with the relevant disciplines in line with new international realities," he added.
Last June, the European Union and Mercosur agreed on the terms of the trade deal that they negotiated over for almost 20 years. The accord is said to have been designed to enhance political and economic cooperation and boost sustainable growth. Once ratified by all individual member states and in force, the deal will eliminate the majority of tariffs between the two blocs by establishing a free trade area.
However, some EU member states have said they are hesitant about the deal's ratification over what they consider Brazil's inaction on the destruction of the Amazon rainforest and its non-compliance with the Paris Climate Agreement.
Mercosur was established in 1991 to encompass Argentina, Brazil, Paraguay and Uruguay into a common market. Venezuela's full membership was suspended in December 2016.
