The Brazilian President, Lula da Silvastated this Sunday that the free trade agreement between European Union and the Mercosur will finally be signed December 20thstill under the Brazilian presidency of the South American bloc.
Speaking in South Africa, after the G20 summitLula highlighted the dimension of the pact, which covers around 772 million people and one Joint GDP of 22 billion dollarscalling it “possibly the biggest trade deal in the world.”
The President admitted that, after the signature, there will still be “a lot of work” until the benefits are felt, but guaranteed that the understanding will be formalized. He proposed that the ceremony take place in Brasília, as the Mercosur summit scheduled for December 20, in Foz do Iguaçu, was postponed until January due to the absence of the President of Paraguay.
The agreement — concluded after 25 years of negotiations — includes a provisional text of an economic and commercial nature, which will enter into force immediately after signature, and a full text that will be subject to ratification.
On the European side, it will be necessary to approval by the European Parliament and at least 15 of the 27 Member States. In Mercosur countries, each parliament will decide individually on the entry into force of the treaty.