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Weekly Report - 12 December 2024 (WR-24-49)

Mercosur seals revised EU trade deal but political trials lie ahead

The world’s longest-running free trade saga took a new twist this week after the leaders of the four member states of the Southern Common Market (Mercosur) met the president of the European Commission (EC), Ursula von der Leyen, in Montevideo, Uruguay, to sign a free trade agreement (FTA) with the European Union (EU). There was no uncorking of champagne bottles. Mercosur has been here before only for the FTA to founder. And there is just as much, if not more, political opposition to the FTA from certain EU member states now, chiefly but by no means exclusively France, to suggest its final ratification is far from a fait accompli.

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