The sweeping trade deal negotiated by the European Union and South American bloc Mercosur will be signed on January 17 in Paraguay, Argentina's Foreign Minister Pablo Quirno said Friday.
"We will sign... the most ambitious agreement between our two blocs on January 17 in Paraguay," Quirno said in a post on X, calling it a "historic" deal.
The EU gave a long-delayed go-ahead Friday to the sweeping trade deal, creating a new marketplace of more than 700 consumers.
More than 25 years in the making, supporters see the deal as crucial to boost exports, support the continent's ailing economy and foster diplomatic ties at a time of global uncertainty.
The deal has been championed by business groups but is loathed by many European farmers, not least agricultural producers in powerful France.
However, the majority of the European Union's 27 nations backed the pact following an ambassadors' meeting in Brussels, paving the way for it to be signed.
Argentina’s Foreign Ministry hailed the European Council's authorisation to sign the agreement with Mercosur, saying in a statement that it will increase exports and attract investment.
President Javier Milei and Economy Minister Luis Caputo both described the accord as "historic.”
"The good news continues. The end," said the head of state in a post on social media.
"After 25 years of negotiations, Argentina will sign a historic agreement between Mercosur and the EU on 17 January in Paraguay," celebrated Caputo.
Caputo claimed that "this agreement would not have been possible without the leadership of President Javier Milei, Foreign Minister Pablo Quiro and Secretary Pablo Lavigne in making Argentina increasingly free and prosperous."
According to Caputo, Argentine products will have access to a market of more than 700 million people, representing some 20 percent of global GDP.
"In this regard, the elimination of tariffs by the EU on 92 percent of Argentine exports and preferential access for another 7.5 percent of them will promote trade, investment and the creation of more jobs in our country," Caputo said.
The minister said that the agreement "will put Argentina on an equal footing with other countries that currently enjoy preferences with the European bloc," citing the cases of Chile, Mexico, South Africa, Egypt, Morocco and Ukraine.
Argentina’s former president Mauricio Macri, whose government oversaw the finalisation of terms with the EU, said the deal “"opens up an unbeatable opportunity for the region.”
"I welcome this news. The free-trade agreement between Mercosur and the European Union was one of our government's main objectives. An unbeatable stage is opening up for the region," Macri said in a post on social media.
National senator and former security minister Patricia Bullrich – who also served in Macri’s government – also joined in the celebrations.
"Argentina continues to achieve concrete successes for its people," she said, adding: "After 25 years, the Mercosur-European Union agreement has been approved.”
– TIMES/NA
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