EU-Mercosur deal boosts Uruguay trade by millions

Uruguay's trade with the European Union has seen a significant boost, increasing by "millions of dollars" since the provisional application of the EU-Mercosur agreement on May 1, Foreign Minister Mario Lubetkin announced. Lubetkin described the trade pact as "extraordinary" for the coming two to three decades. He made these remarks following a meeting with the Confederation of Business Chambers, emphasizing that the positive trade results were not guaranteed. "In two months, I can affirm that there are already millions of dollars of increased trade in the application of the Mercosur-EU agreement," Lubetkin stated, signaling confidence in the current trajectory. The minister also celebrated the signing of an agreement between Mercosur and the European Free Trade Association (EFTA) and progress with the CPTPP. As Uruguay assumes the pro tempore presidency of Mercosur, it plans to host a major EU-Mercosur business event on December 2 in Punta del Este. "Nothing like this has ever been done before," Lubetkin said, highlighting the event's importance in demonstrating the concrete nature of the agreement to citizens and taxpayers in both regions. He stressed that the meeting must foster business and investment policies. Leonardo Loureiro, president of the Confederation of Business Chambers, echoed the importance of the EU-Mercosur agreement and ongoing discussions, emphasizing the need for public-private collaboration to ensure agreements translate into tangible results. Loureiro also noted "uncertainty" in various international matters as a primary concern.