Weekly Report - 28 September 2023 (WR-23-39)

The future of the Southern Common Market (Mercosur) is in jeopardy, Brazil’s finance minister, Fernando Haddad, said this week, singling out the prospect of Argentina’s far-right populist candidate Javier Milei winning the country’s upcoming presidential elections. Similar concerns were raised by Argentina when Brazil’s far-right president Jair Bolsonaro (2019-2023) came to power, but Milei has openly discussed withdrawing his country from Mercosur which he described last month as “a poor-quality customs union that creates trade distortions and hurts its members”. Haddad said that completing a free trade agreement (FTA) between Mercosur and the European Union (EU) would provide the best answer to the threat posed by Milei.

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