Austria Urged to Reconsider Stance on EU-Mercosur Trade Deal

Austria's central bank chief, Martin Kocher, suggests the country should rethink its opposition to the EU-Mercosur trade deal. Despite a 2019 resolution against the deal, changes over the last six years and safeguards for farmers necessitate reconsideration. EU approval demands a qualified majority amid opposition from Italy, France, Poland, and Hungary.

Austria's central bank chief, Martin Kocher, has called for a reevaluation of the country's opposition to the EU-Mercosur trade deal, citing the high stakes for Austria as a small, export-driven nation. Kocher's comments were reported by the Austrian news agency APA.

In 2019, Austrian lawmakers passed a resolution opposing the Mercosur trade deal; however, Kocher argues that significant changes since then, including crucial safeguards for farmers, necessitate a fresh perspective. The EU and Mercosur, comprising Argentina, Brazil, Paraguay, and Uruguay, successfully negotiated their largest-ever trade accord in December, 25 years after talks began.

For the deal's approval, a qualified majority of 15 EU members representing 65% of the EU population is required. Austria's reconsideration is vital amidst the opposition from Italy, France, Poland, and Hungary, which challenges the accord's passage.

(With inputs from agencies.)