The EU Mercosur Free Trade Agreement will come into temporary effect from May

Brussels, March 23 (Xinhua) -- The European Union issued a statement on March 23 confirming that the free trade agreement between the EU and the Southern Common Market (Mercosur) will come into temporary effect on May 1.

The current focus is on translating the EU Mercosur Agreement into concrete results, providing a platform for EU exporters to seize new opportunities in trade, growth, and employment, "said Maros Shevchovic, a member of the European Commission responsible for trade and economic security

The statement pointed out that temporary implementation means the cancellation of tariffs on some products from the first day, providing predictable rules for trade and investment. EU businesses, consumers, and farmers can benefit from this agreement, while sensitive industries will also be protected through safeguard measures.

On January 17th of this year, the European Union and the Southern Common Market officially signed a free trade agreement in Asuncion, the capital of Paraguay, but the agreement must be approved by each country's parliament before it can take effect. Argentina, Brazil, Uruguay, and Paraguay have ratified the agreement. But the agreement has sparked divisions within Europe, with major agricultural powers such as France leading opposition due to concerns about the interests of their own farmers being harmed. On January 21st, the European Parliament voted to submit the agreement for judicial review, but the legality of the agreement is still pending a ruling by the European Court of Justice.