The European Union (EU) aims to finalize the EU-Mercosur agreement this year, following high-level negotiations concluding in December 2024. The announcement came from António Costa after a discussion with Uruguay’s President, Yamandú Orsi, whom Costa congratulated on his electoral win. Costa emphasized the importance of this agreement during a crucial year for EU relations with Latin America and the Caribbean.
Costa, who leads the institution uniting EU heads of government, highlighted the significance of the upcoming EU-CELAC summit, seeing it as a powerful signal of commitment to openness and the pursuit of shared prosperity. Reflecting on a global perspective advocated by the late Pepe Mujica, Costa reaffirmed continued collaboration for a fairer world, championing multilateralism, democracy, and rule-based international order.
Excellent conversation with the President of Uruguay, @OrsiYamandu, whom I congratulated on his electoral victory.
Thinking from a global perspective, as the much-missed Pepe Mujica taught us, we will continue working together for a fairer world, in defense of multilateralism,…
— António Costa (@eucopresident) June 5, 2025
The EU-Mercosur agreement, seen as particularly attractive amid current trade tensions with the United States, holds promise as the world’s largest commercial and investment pact. The deal will cater to a market encompassing 700 million consumers, enhancing geopolitical, economic, sustainability, and security cooperation between the blocs.
Following the political agreement’s establishment last year, the European Commission is tasked with proposing the agreement to the Council and European Parliament for signing and finalization, anticipated this summer. Originally concluded in 2019 after two decades of negotiations, the deal’s progression stalled at the time.
The comprehensive agreement involves the EU’s 27 member states alongside Brazil, Argentina, Paraguay, and Uruguay, representing 25% of the global economy and encompassing 780 million individuals, approximately 10% of the world’s population.
