The trade provisions of the Association Agreement between the European Union (EU) and Mercosur will start to be applied on a provisional basis from May 1, the European Commission announced in a statement.
“The European Union has notified the Mercosur countries of the instrument for the provisional application of the EU-Mercosur Interim Trade Agreement,” the Commission said.
It explained that, by sending its “verbal note” to Paraguay —the depositary country of Mercosur treaties— the European Commission has completed the final procedural step required for provisional application, in line with the Council of the EU decision adopted on January 9.
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The agreement will therefore be provisionally applied from May 1 between the EU and all Mercosur countries that have completed their ratification procedures and notified the EU before the end of March. Argentina, Brazil and Uruguay have already done so, while Paraguay has recently ratified the agreement and is expected to submit its notification shortly.
The provisional application ensures the removal of tariffs on certain products “from day one, creating predictable rules for trade and investment,” the Commission noted, adding that sensitive sectors of the EU economy are “fully protected by robust safeguards.”
