EU interregional policy towards Mercosur

Abstract

The European Union cooperates with lots of regional organizations within the Latin American region. The most intensive interregional cooperation is developing between the EU and Mercosur that launched in 1995 with the signing of the Framework Agreement, which envisaged a phased liberalization of foreign trade on the way to the establishment of an intercontinental free trade zone. Negotiations on its creation lasted for 20 years and ended with the signing of the political and economic agreement between the EU and Mercosur in 2019. The signing of the free trade zone agreement was remarkable in the development of EU-Mercosur interregional cooperation, although the EU negotiated with individual states of the region, for example, with Mexico and Chile, as well as with the Andean and Central American countries. This article examines the main stages of signing of this agreement, the potential benefits for both sides, the reasons preventing ratification, and also gives a forecast regarding the possible fate of the agreement in the coming years. The author comes to the conclusion that regarding the elections held in Brazil, the political course of the country will be probably changed towards rapprochement with the EU, which could be one of the decisive factors in the ratification of the deal. However, if the countries do not ratify the agreement, the influence of the EU in the region will weaken what will give rise to a more rapid development of relations with such states as China and the United States.