After over 20 years of back-and-forth negotiations, diplomats have finally agreed to terms on the Mercosur-EU free trade deal. It is, by far, the biggest deal of its kind in the history of the South American bloc, and it creates one of the biggest free trade zones in the world—set to generate an extra USD 87.5 billion for Brazil’s GDP over the next 15 years.
The Mercosur-EU deal is also the first major diplomatic victory for the Jair Bolsonaro administration, after a rocky start at the G20 summit in Osaka, which included squabbles with leaders from Germany and France—not to mention the arrest of a Brazilian Air Force sergeant (who was a part of the presidential convoy) carrying 39 kilos of cocaine in Seville earlier this week.
According to the Economy Ministry, the benefits for Brazil may reach up to USD 125 billion, considering the lowering of tariff barriers and bumps in productivity. The Brazilian government also expects a further USD 113 billion in investments to pour in, and...
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