The Fort Worth Press - EU's Mercosur trade deal hits French, Italian roadblock

USD -
AED 3.673041
AFN 65.496617
ALL 82.334064
AMD 381.570089
ANG 1.790403
AOA 917.000219
ARS 1450.7439
AUD 1.512951
AWG 1.8025
AZN 1.704017
BAM 1.669284
BBD 2.012811
BDT 122.121182
BGN 1.664302
BHD 0.377
BIF 2966
BMD 1
BND 1.291462
BOB 6.90544
BRL 5.519296
BSD 0.999326
BTN 90.380561
BWP 13.198884
BYN 2.950951
BYR 19600
BZD 2.009977
CAD 1.378125
CDF 2264.999879
CHF 0.794702
CLF 0.023399
CLP 917.950046
CNY 7.04325
CNH 7.037885
COP 3869.9
CRC 497.913271
CUC 1
CUP 26.5
CVE 94.10406
CZK 20.754036
DJF 177.71979
DKK 6.35769
DOP 62.749925
DZD 129.457983
EGP 47.594703
ERN 15
ETB 155.136401
EUR 0.850971
FJD 2.286954
FKP 0.744905
GBP 0.746685
GEL 2.694973
GGP 0.744905
GHS 11.525015
GIP 0.744905
GMD 73.501252
GNF 8687.498158
GTQ 7.654
GYD 209.082607
HKD 7.78055
HNL 26.19726
HRK 6.413297
HTG 130.89919
HUF 331.129502
IDR 16695.7
ILS 3.229895
IMP 0.744905
INR 90.36135
IQD 1310
IRR 42109.999937
ISK 125.929959
JEP 0.744905
JMD 159.912601
JOD 0.709028
JPY 155.522994
KES 128.899662
KGS 87.45026
KHR 4004.99967
KMF 419.000134
KPW 900.011412
KRW 1475.759915
KWD 0.30676
KYD 0.832814
KZT 514.018213
LAK 21654.999723
LBP 89550.00046
LKR 309.508264
LRD 177.375012
LSL 16.730161
LTL 2.95274
LVL 0.60489
LYD 5.420113
MAD 9.15375
MDL 16.863676
MGA 4515.000173
MKD 52.372929
MMK 2100.219412
MNT 3548.424678
MOP 8.007408
MRU 39.770298
MUR 46.04973
MVR 15.449739
MWK 1736.999714
MXN 18.02135
MYR 4.0885
MZN 63.89971
NAD 16.730047
NGN 1453.319753
NIO 36.710463
NOK 10.2021
NPR 144.605366
NZD 1.729995
OMR 0.384504
PAB 0.999356
PEN 3.364499
PGK 4.24725
PHP 58.558051
PKR 280.299526
PLN 3.58757
PYG 6712.554996
QAR 3.641014
RON 4.333302
RSD 99.895001
RUB 80.499309
RWF 1450
SAR 3.750872
SBD 8.163401
SCR 14.745025
SDG 601.502279
SEK 9.294105
SGD 1.29071
SHP 0.750259
SLE 24.100487
SLL 20969.503664
SOS 571.499858
SRD 38.678031
STD 20697.981008
STN 21.175
SVC 8.744522
SYP 11057.156336
SZL 16.730067
THB 31.430061
TJS 9.223981
TMT 3.5
TND 2.90375
TOP 2.40776
TRY 42.723103
TTD 6.779097
TWD 31.479502
TZS 2468.950995
UAH 42.417363
UGX 3562.360512
UYU 38.934881
UZS 12120.000117
VES 276.2312
VND 26335
VUV 121.327724
WST 2.791029
XAF 559.838353
XAG 0.014967
XAU 0.00023
XCD 2.70255
XCG 1.801112
XDR 0.694475
XOF 557.503625
XPF 101.875002
YER 238.350522
ZAR 16.75205
ZMK 9001.210262
ZMW 22.909741
ZWL 321.999592
  • RBGPF

    0.4100

    82.01

    +0.5%

  • CMSC

    -0.0100

    23.33

    -0.04%

  • BCC

    -0.3250

    75.515

    -0.43%

  • SCS

    0.0200

    16.14

    +0.12%

  • GSK

    0.1700

    48.95

    +0.35%

  • BCE

    -0.1650

    23.165

    -0.71%

  • BTI

    -0.0900

    57.2

    -0.16%

  • CMSD

    -0.2200

    23.16

    -0.95%

  • RIO

    1.3400

    77.33

    +1.73%

  • NGG

    1.2100

    76.98

    +1.57%

  • JRI

    -0.0800

    13.43

    -0.6%

  • RYCEF

    -0.0300

    14.77

    -0.2%

  • RELX

    -0.1650

    40.655

    -0.41%

  • AZN

    -0.7600

    90.59

    -0.84%

  • BP

    0.5000

    34.26

    +1.46%

  • VOD

    0.0950

    12.795

    +0.74%

EU's Mercosur trade deal hits French, Italian roadblock
EU's Mercosur trade deal hits French, Italian roadblock / Photo: © AFP

EU's Mercosur trade deal hits French, Italian roadblock

EU plans to seal a vast trade deal with South American bloc Mercosur this week were thrown into disarray Wednesday as Italy joined France in demanding more time to sign off on it.

Text size:

Twenty years in the making, the pact to create the world's biggest free-trade area is backed by Germany and many of the European Union's 27 nations, keen to diversify trade in the face of US tariffs.

The deal would allow the EU to export more vehicles, machinery, wines and spirits to Latin America, while facilitating the entry of South American beef, sugar, rice, honey and soybeans into Europe.

Fearing negative fallout for its agricultural sector, France has long been a holdout, but had failed to muster enough support to block the accord -- until now.

With just days to go, Italian Prime Minister Giorgia Meloni broke cover on Wednesday and said Rome was not ready.

"It would be premature to sign the deal in the coming days," she told parliament, arguing that some of the safeguards Italy wants to protect its farmers were still to be finalised.

The European Commission was expecting member states to give the deal their approval in time for EU chief Ursula von der Leyen to fly to Brazil to sign the deal with Mercosur partners Saturday.

That is now in doubt, though a commission spokesman said EU leaders will discuss the matter at a summit in Brussels Thursday -- as thousands of farmers converge on the city in protest.

Talks "could get pretty heated", a European diplomat said, speaking on condition of anonymity.

Paris had already thrown a spanner in the works by calling this week for a delay to the vote, demanding robust safeguard clauses, tighter import controls and more stringent standards for Mercosur producers.

President Emmanuel Macron told a cabinet meeting Wednesday that France would "firmly oppose" the European Union forcing through the deal.

- 'Refundable ticket'? -

Key power Germany as well as Spain and the Nordic countries strongly support the Mercosur pact, eager to boost exports as Europe grapples with Chinese competition and a tariff-happy administration in the White House.

Spanish Agriculture Minister Luis Planas described the deal as "crucial" this week while the German government said its signing was "urgently necessary".

But with Hungary and Poland also averse, Meloni's move means critics would now have enough clout within the European Council to shoot down the deal, were it to be put to a vote.

The twist cast a cloud over von der Leyen's plans to join the leaders of Mercosur members Brazil, Argentina, Paraguay and Uruguay in Foz do Iguacu, home of the famed Iguacu waterfalls, for the signing.

"I hope she has a refundable ticket," jeered a second diplomat.

Meloni said Italy does not intend "to block or oppose the agreement as a whole" and was "very confident" the conditions would be met for Rome to sign at the start of 2026.

She said Italy has "worked intensively with the Commission" on its demands, including safeguard mechanisms, a fall-back compensation fund, and stronger pest and disease regulations.

But with those measures yet to be "fully finalised", she said, signing in the coming days was "still premature".

Brussels has insisted on getting the trade deal over the finish line by the end of the year -- calling it a matter of credibility with regard to the EU's South American partners.

Brazil's left-wing President Luiz Inacio Lula da Silva said Tuesday he still hoped it could be signed this weekend.

"I hope that my friend Macron and Italy's Prime Minister Meloni take responsibility," he said, adding he hoped the EU would be bringing "good news" to Foz do Iguacu.

burs-ub-adc/ec/jhb

L.Davila--TFWP