EU-Mercosur Trade Accord Set to Launch

The European Union's free trade agreement with the South American Mercosur bloc will commence provisionally from May 1. Key trade components will apply between the EU and Mercosur nations that have completed ratification by March's end. Argentina, Brazil, Uruguay, and Paraguay are ready to proceed.

The European Union's trade agreement with the South American bloc Mercosur is ready to become operational on a provisional basis starting May 1, as announced by the European Commission on Monday.

This agreement's pivotal trade provisions, which have stirred debate within Europe, will become effective between the 27-nation European Union and those Mercosur countries that have completed the necessary ratification procedures by the end of March.

"Argentina, Brazil, and Uruguay have already completed this process. Paraguay has recently done so as well and is expected to send its official notification shortly," stated the Commission.

(With inputs from agencies.)