Dubai Telegraph - EU-Mercosur trade deal faces bumpy ride to finish line

EUR -
AED 4.21632
AFN 74.625092
ALL 91.794675
AMD 416.730427
ANG 2.05548
AOA 1053.936452
ARS 1733.592369
AUD 1.611237
AWG 2.069412
AZN 1.948872
BAM 1.955943
BBD 2.312059
BDT 140.970293
BGN 1.932723
BHD 0.43273
BIF 3453.537111
BMD 1.148079
BND 1.464701
BOB 11.679853
BRL 5.884825
BSD 1.147879
BTN 110.067036
BWP 15.567069
BYN 3.48964
BYR 22502.344954
BZD 2.308759
CAD 1.606478
CDF 2653.209972
CHF 0.946459
CLF 0.027925
CLP 1102.638071
CNY 7.700796
CNH 7.689401
COP 3638.181428
CRC 513.535258
CUC 1.148079
CUP 30.424089
CVE 110.273051
CZK 24.313549
DJF 204.414035
DKK 7.475491
DOP 67.994668
DZD 153.541861
EGP 59.84613
ERN 17.221182
ETB 184.811984
FJD 2.54403
FKP 0.86026
GBP 0.858935
GEL 2.991608
GGP 0.86026
GHS 13.212965
GIP 0.86026
GMD 84.380007
GNF 10074.391567
GTQ 8.758639
GYD 240.127532
HKD 9.006615
HNL 30.906436
HRK 7.535075
HTG 150.030301
HUF 362.415194
IDR 20381.843366
ILS 3.475219
IMP 0.86026
INR 109.952539
IQD 1504.557299
IRR 1578149.152123
ISK 139.400002
JEP 0.86026
JMD 181.152437
JOD 0.813983
JPY 180.466374
KES 148.783692
KGS 100.399849
KHR 4653.163661
KMF 491.377856
KPW 1033.271307
KRW 1586.473283
KWD 0.354285
KYD 0.956666
KZT 511.345108
LAK 25688.263477
LBP 102810.459198
LKR 380.73614
LRD 200.327067
LSL 18.645201
LTL 3.389978
LVL 0.694461
LYD 7.284511
MAD 10.934298
MDL 20.152384
MGA 5040.065624
MKD 61.529492
MMK 2410.612703
MNT 4132.350842
MOP 9.276337
MRU 45.98043
MUR 54.613554
MVR 17.737553
MWK 1994.213189
MXN 19.686968
MYR 4.685295
MZN 73.373548
NAD 18.644322
NGN 1529.344249
NIO 42.100432
NOK 10.810936
NPR 176.106091
NZD 2.004936
OMR 0.441437
PAB 1.147884
PEN 3.87419
PGK 5.103204
PHP 71.972976
PKR 318.218735
PLN 4.3553
PYG 6790.466216
QAR 4.184704
RON 5.261876
RSD 117.377288
RUB 97.012233
RWF 1688.82395
SAR 4.263271
SBD 9.185218
SCR 16.975648
SDG 690.562577
SEK 11.257832
SGD 1.464912
SHP 0.858216
SLE 28.300048
SLL 24074.629583
SOS 655.553098
SRD 43.335958
STD 23762.913699
STN 24.798503
SVC 10.04469
SYP 14927.321164
SZL 18.730882
THB 38.211478
TJS 10.589673
TMT 4.029757
TND 3.343777
TOP 2.764298
TRY 56.008682
TTD 7.793535
TWD 36.512925
TZS 3044.254927
UAH 51.296922
UGX 4511.329384
USD 1.148079
UYU 46.15337
UZS 13576.032207
VES 972.979702
VND 29855.789823
VUV 135.807955
WST 3.162753
XAF 655.957
XAG 0.017222
XAU 0.000262
XCD 3.10274
XCG 2.068842
XDR 0.811751
XOF 655.957
XPF 119.331742
YER 271.577642
ZAR 18.641413
ZMK 10334.088925
ZMW 22.528547
ZWL 369.680913
SSP 6502.744393
MXV 2.231952
  • CMSC

    0.1900

    20.67

    +0.92%

  • RBGPF

    0.0000

    69.99

    0%

  • CMSD

    0.1600

    20.45

    +0.78%

  • RIO

    2.2500

    98.04

    +2.29%

  • NGG

    1.5700

    77.6

    +2.02%

  • BCC

    0.2200

    75.53

    +0.29%

  • AZN

    3.2500

    166.14

    +1.96%

  • BCE

    -0.2200

    22.28

    -0.99%

  • RELX

    0.1100

    34.38

    +0.32%

  • GSK

    0.7700

    51.06

    +1.51%

  • JRI

    0.1100

    11.61

    +0.95%

  • RYCEF

    0.5200

    19.81

    +2.62%

  • BP

    0.0400

    45.42

    +0.09%

  • VOD

    0.0600

    17.52

    +0.34%

  • BTI

    -0.0700

    56.02

    -0.12%

EU-Mercosur trade deal faces bumpy ride to finish line
EU-Mercosur trade deal faces bumpy ride to finish line / Photo: ARNAUD FINISTRE - AFP

EU-Mercosur trade deal faces bumpy ride to finish line

Brussels is headed for a showdown this week over the European Union's free-trade deal with South American bloc Mercosur, after Paris launched a last-ditch effort to derail the signing of the landmark accord.

Text size:

European Commission chief Ursula von der Leyen is due in Brazil on Saturday to sign in the agreement, which, 20 years in the making, would create the world's biggest free-trade area.

But she first needs to get approval from member states. Wrangling is set to go down to the wire, with up to 10,000 farmers planning to descend on the Belgian capital to vent their anger at the deal during a leaders' summit Thursday and Friday.

France, the pact's leading critic, urged a postponement on Sunday, saying conditions were not in place for a vote this week.

"France asks that the deadlines be pushed back to continue work on getting the legitimate measures of protection for our European agriculture," Prime Minister Sebastien Lecornu's office said.

Sources close to President Emmanuel Macron said the French leader had reached out to von der Leyen to press the point.

The deal will 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 -- a concern shared by farmers in Poland and elsewhere -- France has been clamouring for robust safeguard clauses, tighter import controls and more stringent standards for Mercosur producers.

It still faces an uphill battle to block the treaty, which only needs support from a weighted majority of EU countries to pass.

"There will be no vote in 2026. It's before December 20 or the deal is dead. And the French know it very well," said one diplomat, granted anonymity to discuss the sensitive deliberations.

- A 'serious crisis' -

Powerhouse Germany, Spain and the Nordic countries are strong backers of the pact, eager to boost exports as Europe grapples with Chinese competition and US tariffs.

But disagreements in a key week when the 27-nation bloc also has to decide on the divisive issue of using frozen Russian assets to aid Ukraine are leaving some uneasy.

"If there is no compromise this week, we risk a serious European crisis. It will be a major failure for the commission, for Germany and for Spain," said another European diplomat.

A spokeswoman for the commission, which steers trade policy for the EU, insisted last week officials hoped "to have all the conditions for a signature next weekend".

A time for the member state vote is still to be determined.

Complicating matters, the European Parliament is to vote Tuesday on "safeguard" measures aimed at reassuring farmers -- and placating France.

EU states have already approved the safeguard clause in question, but lawmakers may decide to strengthen it further.

In another gesture aimed at Paris, the commission last week announced tighter checks on farm imports to ensure they meet EU standards, and pledged to update rules on pesticide residues to prevent banned substances entering via imports.

Von der Leyen intends 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.

Even if she seals the deal in time to fly there, the battle will not be over.

The European Parliament must still give its final approval to the accord, likely in early 2026. Insiders expect a close vote, with national interests weighing heavily.

"All the French will vote against, most of the Poles too," said one parliamentary source, expecting opposition to run across party lines in those countries.

Add parliament's far-left and far-right groups, which broadly dislike the deal, the source said, and you reach around 300 of the assembly's 720 lawmakers -- which could make for an uncomfortably tight vote.

H.Sasidharan--DT