00:00How are European and South American countries deepening their economic ties?
00:08The European Union and Mercosur trade relationship connects over 700 million consumers across Europe and South America.
00:16The EU is Mercosur's second largest partner in trade in goods, accounting for almost 17% of Mercosur's total trade
00:25in 2024.
00:26Meanwhile, Mercosur, which counts Argentina, Bolivia, Brazil, Paraguay and Uruguay among its members, is the EU's 10th largest partner for
00:36trade in goods.
00:37In 2024, the EU's trade with Mercosur was worth more than 111 billion euros, 55.2 billion euros in exports
00:45and 56 billion euros in imports.
00:48Between 2014 and 2024, EU-Mercosur trade in goods grew up by more than 36%, imports showed up by more
00:56than 50%, while exports increased by 25%.
01:00After more than 25 years of negotiations, the trade deal between the European Union and Mercosur countries took provisional effect
01:08at the beginning of May.
01:09By 2040, the EU-Mercosur trade deal is expected to boost the EU's GDP by 77.6 billion euros.
01:17However, the deal has raised many concerns across Europe, such as fears it will damage European agriculture,
01:24drive deforestation in South America and harm human rights conditions.
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