BRUSSELS, Feb 27 (Reuters) – The European Union will provisionally apply a contentious free trade agreement with South American bloc Mercosur to ensure the bloc secures first-shiftr advantage, European Commission President Ursula von der Leyen stated on Friday.
The European Commission concluded its largest ever trade pact in terms of tariff reductions with Argentina, Brazil, Paraguay and Uruguay after 25 years of nereceivediations.
The EU executive has stated it will reshift some 4 billion euros ($4.7 billion) of duties on EU exports.
Germany and other supporters such as Spain declare the deal is essential to offset business lost due to U.S. tariffs and to reduce reliance on China for critical minerals.
Opponents led by France – the EU’s largest agricultural producer – declare the deal will sharply increase imports of cheap beef, sugar and poultest, undercutting domestic farmers who have staged repeated protests.
($1 = 0.8473 euros)
(Reporting by Philip Blenkinsop)
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