EU puts priority on key trade deal

THE European Union is currently negotiating trade deals with multiple key world powers, including the United States and India. However, perhaps its top international trade priority in 2023 is the Mercosur deal with Brazil, Argentina, Uruguay and Paraguay, which would create a “new” combined market of over 700 million people.

The fate of the negotiations is being watched around the world, including by China, which has in recent decades made a big bid to increase its influence in Latin America. Closer to home in Europe, the outcome is also being closely scrutinised.

Take the example of the United Kingdom which, post-Brexit, is looking to cement ties with Latin America. In May, UK Foreign Secretary James Cleverly gave a speech in the region arguing that the “tectonic plates of world politics are shifting once again”, with “Latin America’s demographic and economic weight… giving more voice and more influence”.