In a bilateral meeting with Brazilian President Lula da Silva during the Climate Summit in the Amazonian city of Belém, Luís Montenegro discussed the signing of an agreement between two blocs as a key topic.
“We took the opportunity, in this context, to contribute towards finalizing the EU-Mercosur agreement, which Portugal has always prioritized, with hopes of starting its implementation in December,” emphasized the Prime Minister.
Brazilian Foreign Minister Mauro Vieira stated that European Commission President Ursula von der Leyen intends to sign the trade agreement between the European Union (EU) and Mercosur on December 20.
Mauro Vieira confirmed to journalists on Wednesday that the agreement was discussed during Von der Leyen’s meeting with the Brazilian President in Belém.
Luís Montenegro believes this agreement is “beneficial for the European community across various sectors, notably agriculture and industry, and also for Latin American markets, particularly Brazil.”
“Thus, our mutual interests are substantial, which was also a focus of our meeting,” disclosed the Portuguese Prime Minister.
The EU-Mercosur trade agreement, reached after 25 years of negotiations, was signed in December 2024 but still awaits final approval.
The agreement aims to gradually eliminate customs barriers between the two blocs over a transitional period of 10 years.
Nevertheless, some sensitive products will have an extended transition period of 15 years.
The agreement will cover 90% of traded products, with measures such as maximum tariff limits introduced for the remaining items.
It also stipulates that no import or export monopolies can exist.
This will be the world’s largest trade and investment agreement, serving a market representing 25% of the global economy and comprising 780 million people, nearly 10% of the world population.
Following strained diplomatic relations during Jair Bolsonaro’s presidency, the return of Lula da Silva to office in 2023 revitalized EU-Brazil ties, with the completion of the EU-Mercosur negotiations in December 2024 providing new momentum.
